It looks like a fake break out after all. The central bank is keeping the price of their USD up. The price of $EURUSD will most likely retest that resistance line. I don't think it will hold, the price will then continues to drop to retest that support line.
At the moment the Eur/Usd is up 0.06% at 1.0587 facing the initial hurdle at 1.0618 (high Feb.24) followed by 1.0658 (20-day sma) and finally 1.0682 (high Feb.16). On the flip side, a breach of 1.0492 (low Feb.22) would target 1.0452 (low Jan.11) en route to 1.0339 (2017 low Jan.3).
Cryptocurrency posted: It looks like a fake break out after all. The central bank is keeping the price of their USD up. The price of $EURUSD will most likely retest that resistance line. I don't think it will hold, the price will then continues to drop to retest that support line.
I will probably get knocked out, 1% is my max loss, I will take another position at 0500 if we get down that far.
The euro was down against the US Dollar on Friday. By the close of US trading EUR/USD was trading at 1.0562, shedding by 0.18%. I believe that the support is now located at the level of 1.0492, Wednesday's low and resistance is likely at the level of 1.0637 - Monday's high.
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