Technical Analysis

EUR/USD Bulls Approach Major Resistance at 1.1200


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.

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