The EUR/USD is looking quite interesting as it tries to break out from a continuation pattern to the upside. So far, we haven't seen strong upside follow-through, which could be concerning for the bulls. Nevertheless, if it manages to break above the trend line of the falling wedge pattern, then this would suggest that the short-term path of least resistance is again to the upside, following a period of consolidation. From there, we could be heading up towards 1.1380, which is the next level of resistance on the daily chart. Above that, 1.1500 is the most significant resistance to watch on EUR/USD.
By Fawad Razaqzada, market analyst with FOREX.com
By Fawad Razaqzada, market analyst with FOREX.com
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.