EURUSD is challenging horizontal resistance at 1.1830. As can be seen in the chart below this price level has been important resistance before and price always found it difficult to overcome it. Will bulls manage to break above it this time or will we see a rejection?
Blue line – upward sloping support trend line
Red line – horizontal resistance
Green rectangles- resistance tests
EURUSD continues to trade above the blue trend line support. This support is now at 1.1805. Breaking below it will increase the chances of a move towards 1.17. Until then bulls remain in control and face the 1.1830 resistance for one more time. In many occasions in the past price got rejected at this level and bulls now need to be cautious. If price continues to make higher highs and higher lows above 1.1830 we should next expect EURUSD to reach 1.20-1.21.
The material has been provided by InstaForex Company – www.instaforex.com
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