Technical Analysis

EUR/USD moves to session high as buyers turn things around

EUR/USD touches a high of 1.1588 on the day


ForexLive

The dollar is paring some of its earlier gains across the board but most notably against the euro. The pair moved to a low of 1.1553 on the day with bids near the support region of 1.1540-50 helping to lift the pair off its lows for the day.

Since then, it’s been a steady track higher and the pair looks to be breaking away from the range held today and moves towards testing the 1.1600 handle once again as it did in overnight trading.

Buyers failed to sustain a break above the 1.1600 handle overnight and the pair consolidated around 1.1570-80 thereafter. But it looks like buyers are finding renewed vigour after holding the 1.1550 level earlier and is pushing towards a test of the figure level once again now.

Beyond 1.1600, the next resistance level comes from the early August high @ 1.1628.

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