The $EURUSD is reaching towards a resistance area. Will it get there? Forex
The market has a significant amount of resistance built into it between the 1.11 level and the 1.12 level.
I recognize that the Euro has rallied over the last couple of days quite nicely, but it is only a matter of time before US dollar strength could come back into the picture.As the Federal Reserve is going to continue to tighten monetary policy, that could lift the US dollar, and therefore push this market lower. The Euro had gotten a bit oversold recently, so the fact that we have rallied the way we have is probably not a huge surprise.
The 1.12 level is an area that we need to clear at the very least, as that previous support level being recaptured would be a strong sign. Furthermore, the 50 Day EMA sits right in the same area, so it all ties together quite nicely. Furthermore, you have to worry about the Euro due to the fact that the European Union looks as if it is in serious trouble economically, although it must be said that the entire world is probably heading towards a slowdown.
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