Monday, March 28, 2016

EUR/USD Started Rising, as We Should Have Expected

The EUR/USD  range lasted 60 hours and the pair tested the support at 1.1150 for four days before it finally bounced off of that support in the end of the Easter holiday and started rising.

Today it climbed with around 50 pips before it stopped at the resistance at 1.1200.

Currently it’s difficult to say whether the pair will continue climbing above that level after a retracement or whether it will start falling towards the support again.

In my opinion, I doubt that the pair will continue rising until the end of the American trading session today.

On the other hand, we can most likely expect a further development tomorrow. In case EUR/USD does continue climbing, it will probably test the resistance at 1.1340 - 1.1350, and if it breaks above that level it will continue towards 1.1400.