EURUSD Currency Pair Analysis
The EURUSD currency pair has shown signs of a potential upward movement towards the next resistance level at 1.0600, which was a former support level in April.
Reversal from Support Zone
Recently, the EURUSD reversed sharply from a support zone located between the round support level of 1.0500 (which has previously acted as a key level for the pair) and the lower daily Bollinger Band. This upward reversal is likely to result in the formation of a Morning Star Japanese candlestick reversal pattern, signaling a strong buy opportunity for EURUSD.
Potential Rise to 1.0600
With the significant support at 1.0500, oversold daily Stochastic indicators, and a generally bullish sentiment towards the euro, we anticipate that the EURUSD currency pair will continue to move upwards towards the next resistance level at 1.0600, previously a support level in April.
Disclaimer
The information presented in this article is based on our analysis and does not constitute financial advice. We recommend seeking independent professional advice or conducting your own research before making any investment decisions.
Source : financefeeds.com