Ransquawk

The euro has strengthened against the dollar over the past two weeks. Since last Thursday, the pair has been fighting with 1.1775. Although this level has been violated several times, there has still not been a breakthrough. In fact, only a permanent break above 1.18 will allow the upward trend on the EURUSD to continue.

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After the weakening of the euro in the second quarter, the price for several months cannot find a clear direction. Throughout the holidays it moved in the range of 1.15-1.18. The exception was a ten-day bearish breakout, but the bulls reacted quickly and the price returned to the norm.

Although the resistance is marked at 1.1775 on the chart, I would extend its operation to 1,1800. This zone marks a barrier that must be overcome so that we can talk about further increases. If the bulls are able to break through it, the next resistance will be a psychological level of 1.20. In the case of falls, the price should reach 1.1550, where the buyers’ reaction took place several times.

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