The euro is at a 6-month high in expectation of the release of the first euro zone data. Traders are looking at the revised GDP figure in an anticipatory mode due to the uncertainty of the ECB’s stimulus program and how fast the EU would scale it back. If fundamentals were left aside, the short-term picture is as shown above. The Technicals: We have the EURUSD 4 Hour chart and a significant resistance level just around price. Current price: 1.1020 Resistance zone: 1.1000-1.1020 TP1/Support #1: 1.0850 TP2/Support #2: 1.0750 Scenario 1: Based on the figures above, if the EURUSD was to reverse direction, the first support level is our take profit zone and is standing at 1.0850. The second take profit level is the support level at 1.0750. If the EURUSD is to break out from the current resistance zone, price action traders will be looking at the figures below. Current price: 1.1020 Resistance-turned-Support zone: 1.1000-1.1020 TP1/Support #1: 1.1300 TP2/Support #2: 1.1600 Scenario 2: Based on the breakout scenario, the current resistance will act as a support. Traders will be looking to take profits first at 1.1300. If that level holds, then they will overlook the next take-profit level at 1.1600. Guest post by colibritrader Guest Guest View All Post By Guest Forex Bits share Read Next UK inflation beats with 2.7% – GBP spikes Yohay Elam 6 years The euro is at a 6-month high in expectation of the release of the first euro zone data. Traders are looking at the revised GDP figure in an anticipatory mode due to the uncertainty of the ECB's stimulus program and how fast the EU would scale it back. If fundamentals were left aside, the short-term picture is as shown above. The Technicals: We have the EURUSD 4 Hour chart and a significant resistance level just around price. Current price: 1.1020 Resistance zone: 1.1000-1.1020 TP1/Support #1: 1.0850 TP2/Support #2: 1.0750 Scenario 1: Based on the figures above, if the EURUSD was… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
