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EUR/USD Could Move Towards The Resistance

Published 01/07/2022, 06:03 AM

Looking at EUR/USD chart, we can see that after the failed attempt to move past the 1.138 on Jan. 1, there was a subsequent retraction to the 1.134 level where it acted as temporary support.

However, the negative pressure buildup couldn’t hold the 1.134 support leading to a fall to the 1.13 price level.

Support was formed and tested multiple times at 1.1275, and the 1.134 price range is now acting as a resistance level.

Today we could expect a move towards the 1.132 range or possibly the 1.134 resistance level.

If it does not hold above the 1.13 range, then a move towards the support of 1.275 could be expected.
EUR/USD weekly price chart.

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