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EUR/USD: Meeting Resistance From Monthly Pivot

Published 04/20/2015, 05:27 AM
Updated 07/07/2019, 08:10 AM


The EUR/USD pair has been rising in an up-move which has met resistance from the monthly pivot.


A break above the 1.0848 highs, that would confirm a break above the monthly pivot and move higher.


The range highs at 1.1030 provide a possible eventual target for the pair.


Overall it is oscillating in what appears to be a sideways consolidation above a long-term major channel line drawn on the monthly chart.


It has been in a down-trend since April 2014 but has now met quite formidable support from the long-term lower channel line, which has brought into question the dominance pf the previous down-trend, although a full-blown reversal isn't yet a reality.
EUR/USD 1 Hour Chart

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