Will EUR/USD break crucial resistance level?
EUR/USD saw substantial gains yesterday, after breaking out of a consolidation period. Interestingly, we have seen a trend of lower highs and lower lows on the wider perspective, with the break below $1.1154 and $1.1071 particularly notable.
For this to be negated, we would need to see a break through the $1.1162 level, thus sparking a new higher high. Given the recent wedge breakout on the stochastic, there is a good chance we could see this market move lower.
As such, unless we see an hourly close above $1.1162, a bearish outlook is preferred, if only to retrace some of yesterday’s substantial gains.