FxWirePro: EUR/USD key support at 1.0750, upside prevails in the short term
The EUR/USD has surged sharply towards 1.0930 levels, after buyers stepped in after the hawkish comments from ECB's Draghi earlier in today's ECB press conference. The pair is currently trading in overbought condition an…
The EUR/USD has surged sharply towards 1.0930 levels, after buyers stepped in after the hawkish comments from ECB's Draghi earlier in today's ECB press conference. The pair is currently trading in overbought condition and a pullback towards 1.0780 levels can be expected sooner or later.
The ongoing bullish trend is set to continue for this pair as the support level at 1.0750 is likely to act as strong barrier to the bears and bring further uptrend towards higher levels. Therefore, its good to buy this pair around 1.0800 levels.
To the upside, the strong resistance can be seen at 1.0941, a break above this level would take the pair towards next resistance level at 1.1048 levels.
To the downside immediate support can be seen at 1.0903 levels, a break below this level will open the door towards next level at 1.0830.
Recommendation: Go long around 1.0800, targets 1.0950, 1.1040, SL 1.0700
