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Euro Moves Higher As Technical Support Holds

May 13 2020, 12:54 PM (BDT) |


The euro currency is posting modest gains after consolidating near the technical support level of 1.0818.

Price action is slightly bullish at the moment, but the bias will not shift unless EURUSD breaks out above 1.1000 level of resistance.

In the near term, this could put the currency pair at a risk to the downside.

However, as long as the support level near 1.0818 holds, we expect a move closer to the 1.10000 resistance level.

The slightly bullish divergence from the Stochastics also adds to this view.

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