Market News & Analysis

EURUSD testing range resistance

Jun 4, 2019 | Forex News

The daily EURUSD is heading to tonight’s European session pushing on with strong weekly gains. Since last Friday we’ve seen 140 pips added after sellers tested the bottom of the range in Friday’ session. Today buying has continued as the USD continues its dive. The EURUSD is testing the top of its daily range, resistance level 1.1260. 

We would like to see EURUSD buyers close above this level tonight to show a breakout is occurring. A new higher low after the breakout or a return and test of the resistance level turning it into support is a good sign of breakout confirmation. Any deep move back into the range is a worry for the buyer side. If all goes well for buyers the next main level above is seen at 1.1300 / 1322.

Key EUR news due this week – Thursday 10:30 am ECB Press Conference 

Key USD news due this week – Tonight, 11:55 pm Fed Chair Powell Speaks – Friday 10:30 pm US Employment data. 

Good trading from Eightcap.

All times are AEST. 

 

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