The EURUSD currency pair has experienced a significant increase in the past 10 days, breaking its recent resistance levels and reaching its 17-month high last Friday. However, it appears that bulls may be unable to extend the recent rally as this pair has approached overbought conditions.
The first support level at 1.1094 will likely be touched in a downtrend formation. Declining below this area could lead to reaching the level of 1.1032. Continuing this trend may bring it to the support level of 1.0834, which is unlikely.
On the other hand, if the recent rally continues uninterrupted, bulls may initially reach the 1.1300 area. Crossing this level, the currency pair can move towards the resistance level of 1.1382 and eventually reach 1.1494.
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