09:34, 04 February

EURUSD Daily Analysis

On Tuesday last week we covered the EURUSD which continued throughout the week to struggle with resistance from the current key level of 1.15. For the last couple of months now the EURUSD has been content to trade within a narrow range enjoying support from 1.13 and meeting resistance at the 1.15 level. It is interesting to note that its recent excursion a few weeks above 1.15 didn’t last long as it was quickly sold down at those three month highs.
The 1.13 level has also become quite significant of late, and even though it has fallen through this level a few times, it was quickly pushed higher through strong buying which will provide some confidence that the 1.13 level will provide strong support should the EURUSD attempt to decline again.