Support & Resistance

Technical analysis of EUR/USD

EUR/USD:

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The chart shows the movement of EUR/USD on the 4-hour (H4) chart.

Looking at the picture inside the yellow square, it is clear that #EUR/USD quotes are rising, but on the way there is a strong resistance level, at 1.007 (marked in red).

Two scenarios may occur in the market. The first one is a correction towards 0.9795, while the second one is the breakdown of the key resistance level and growth towards 1.023.

Volatility may surge near the resistance level.

Good luck!

The material has been provided by InstaForex Company – www.instaforex.com


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