📊TECHNICAL ANALYSIS ON 2-HOURS TIMEFRAME
Some days ago price traded near the 1.0865 resistance level, which coincided with the resistance zone, but after the price rose a little higher than the zone, it made an impulse down, thereby breaking the 1.0865 resistance level. After this movement, Euro in a short time backed up and even later reached the trend line. Then the price started to fall inside the wedge, in which it broke the 1.0865 resistance level again and declined to the 1.0630 support level, which coincided with the support zone. After this, the Euro at once bounced up to the trend line but soon rebounded back and fell to the support zone. At the moment price continues to trade in this zone and I think that the Euro can fall to the support level and try to break it. After the breakout the price can continue to move down, therefore I set up my target at the 1.0565 level, which coincides with the support line of channel.
📊QUICK FUNDAMENTAL LOOK
EURUSD rose 0.15% to 0.8702, the highest since May, with a session-low at 0.8680, after rising 0.3% on Friday, the third profit in a row as Bank of England paused interest rate hikes.
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