Since the beginning of the year,
EURUSD
has been in a downtrend, with the single currency dropping more than 400 pips in the past two months.
However, after a false break below the horizontal support last week, the pair quickly reversed course and is now once again approaching the important 1.08 zone resistance.
Taking into account the false break and yesterday's swift reversal from the well-established support at 1.0733, I anticipate an upward breakout with a target at the 1.09 zone resistance.
In conclusion, my preferred strategy is to buy dips, with negation under 1.07.
EURUSD
has been in a downtrend, with the single currency dropping more than 400 pips in the past two months. However, after a false break below the horizontal support last week, the pair quickly reversed course and is now once again approaching the important 1.08 zone resistance.
Taking into account the false break and yesterday's swift reversal from the well-established support at 1.0733, I anticipate an upward breakout with a target at the 1.09 zone resistance.
In conclusion, my preferred strategy is to buy dips, with negation under 1.07.
Comment:
EurUsd broke above confluence resistance as expected
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