enzh-CNfrhiidjakomsesth
Technical Analysis

EUR/USD Bulls Approach Major Resistance at 1.1200

Typography

EUR/USD has remained bullish and rallied notably around 2.7% since May 15, helped by the recent slump in the USD.

EUR/USD saw a correction on May 18, as a result of the rebound of USD.

Friday morning, during early European session, EUR/USD rallies again and approaches the significant psychological resistance level at 1.1200, due to the weakening of USD.

Currently, the bullish momentum remains strong, the short term moving averages still edge up.

If the resistance level at 1.1200 is broken, we can expect that the price will go further up.

Conversely, if the bulls fail to break the resistance, we will likely see a correction.

The resistance level is at 1.1170, followed by 1.1200.

The support line is at 1.1130, followed by 1.1100.

About the Contributor
FxPro
Author: FxProWebsite: http://www.fxpro.co.uk/?ib=606792
FxPro is an award-winning online broker offering Contracts for Difference (CFDs) on forex, futures, spot indices, shares, spot metals and spot energies. FxPro serves clients in over 150 countries worldwide and offers multilingual customer support 24/5. Trading CFDs involves significant risk of loss.
More from the contributor