In March, After hitting a strong resistance at 1.1500, the EUR/USD pair deopped to 1.0850, 1.0400, 1.0000, and finally, 0.9600.
The pair found recovery around 1.0800-1.0850 but encountered more resistance that dragged the prices down again.
The buyers struggled to break above 1.0930, which was a crucial hurdle, and only managed to reach 1.1000 briefly before the bears took over.
Hence, the current level of 1.1000 is significant to monitor for any signs of bearish pressure.
On the other hand, any drop to 1.0600 could lure buyers, who might push the prices up again.
The pair is trading in a narrow range between 1.0600 and 1.1000, waiting for a clear direction from the market sentiment and the economic data.
A breakout above 1.1000 could signal a bullish continuation, while a breakdown below 1.0600 could indicate a bearish continuation.
The material has been provided by InstaForex Company – www.instaforex.com
In March, After hitting a strong resistance at 1.1500, the EUR/USD pair deopped to 1.0850, 1.0400, 1.0000, and finally, 0.9600.
The pair found recovery around 1.0800-1.0850 but encountered more resistance that dragged the prices down again.
The buyers struggled to break above 1.0930, which was a crucial hurdle, and only managed to reach 1.1000 briefly before the bears took over.
Hence, the current level of 1.1000 is significant to monitor for any signs of bearish pressure.
On the other hand, any drop to 1.0600 could lure buyers, who might push the prices up again.
The pair is trading in a narrow range between 1.0600 and 1.1000, waiting for a clear direction from the market sentiment and the economic data.
A breakout above 1.1000 could signal a bullish continuation, while a breakdown below 1.0600 could indicate a bearish continuation.
The material has been provided by InstaForex Company – www.instaforex.com
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