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EUR/USD pulls back to crucial support level
The volatility seen over the past week has provided a massive boost to the unlikeliest of recipients, with many speculating that the euro is now taking on ‘safe haven’ properties. Nevertheless, the important thng to note is that we have seen price push past a crucial area of resistance, between $1.1467 and $1.15. The $1.1467 level reflects both a double-bottom projection, along with the mid-May peak. Thus, this level is going to be very important to today’s trading and initial signs are that we could see a bounce.
The previous candle moved higher from this support level and thus given the significance of this recent break higher, coupled with clear respect of this level, I am bullish as long as price remains above $1.1467. Resistance levels to watch would be $1.1562 and $1.1715.