Forex Opinion & Analysis

EUR/USD: Pair Could Move Below The Support Level At 1.048

Looking at the EUR/USD chart, we can see the spike into the 1.062 from the 1.052 range. Unable to consolidate, it fell to 1.048, where it found support. Since then, it managed to climb to the 1.06 level, but again a retraction followed to the 1.05.

It moved towards the 1.058 level during yesterday’s session, and earlier in today’s session, we saw a fall and a base formation at the 1.052 level. Today we could expect a move towards and below the 1.048 support level. If, however, it manages to hold on to the current range, then a move towards the 1.058 closest temporary resistance level.

EUR/USD price chart.

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