Today we look at the short to medium-term future of the most traded pair of EUR/USD and the Forex Trend is expected to take shape.
Headline: EUR/USD is set to stay trading in the medium-term range around 1.2230.
The medium-term range of the EUR/USD pair is expected to trade at 1.2230
and a break below could lead to the pair reaching a low of around
1.2042 levels.
Generally,
we would expect to see some buying action around the price levels of 1.2230,
however a break below this could lead to further weakening and a drop to
1.2042 which is the low of 2012.
Moreover, if EUR/USD breaks below 1.2042,
predictions are set to a level of 1.1876 which is the June 2010 low.
Technical Analysis of the EUR/USD currency pair suggests that resistance is set to 1.2353 initially and then 1.2362.
On the upside, a breakthrough of
1.2470 is required for the price action to return to levels of 1.2517
and potentially 1.2533
Economic Data releases have high impacts on the Forex markets and can create volatile market conditions for traders to take advantage of.
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