empty
 
 
04.06.2020 07:46 PM
EURUSD challenging major weekly resistance levels

EURUSD continues to make higher highs and higher lows. Price has broken above 1.13 and has exited the bearish channel that was created in 2018. Price is now challenging important highs and long-term resistance trend lines.

This image is no longer relevant

Black lines- bearish channel

Red line -long-term resistance trend line

EURUSD is challenging the 1.13 level. Even at the beginning of March 2020 when price was around 1.13, the weekly candlestick never closed above 1.1285. Bulls have the chance to make new weekly highs on a closing basis. This is very important news.

This image is no longer relevant

In Ichimoku cloud terms EURUSD is getting stronger every day. First we had a weak bullish signal when the tenkan-sen broke above the kijun-sen. The price entered the Ichimoku cloud. Pulled back as a back test and bounced off the tenkan-sen and kijun-sen indicators. Then price broke above the cloud and has not looked back. Key support is the upper cloud boundary. EURUSD has changed daily trend from neutral to bullish when price broke out of the cloud. 1.1080 and 1.11 are now key support levels.
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback