EUR/USD: Technical Analysis of Major Moves
Monday, 26 August 2024, 01:50
EUR/USD Breaks Free from Sideways Trend
In recent trading sessions, EUR/USD displayed a noticeable upward momentum, breaking free from its previous 2024 sideways trajectory. Analysts observe that if the pair can surge above the critical 2023 resistance zone of 1.1240 to 1.1274, it may trigger a broader bullish trend.
Key Resistance and Support Levels
- Resistance: 1.1240 - 1.1274
- Support: 1.1100
As traders and investors closely monitor the EUR/USD pair, significant attention is directed towards its ability to maintain momentum through these crucial levels.
Potential Scenarios for Traders
- If the price remains above 1.1240, we may see a continuation of this bullish trend.
- Conversely, any retreat below 1.1100 could signal a reassessment of the current bullish outlook.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.