EUR/USD Update: Volatile Trading Leads To Prices Surging Higher


Prices first pushed lower to take out last week’s low, before aggressively spiking higher, revising much of the prior downward leg. It seems likely that the bulls will be in control over the short term.1.1255 is the next upside target, with 1.1070 as support.

Certain noteworthy support and resistance values for the traders to bear in mind while placing their trades:

R5    1.1710 (24/August/2015 High)
R4    1.1560 (26/August/2015 High)
R3    1.1495 (15/October/2015 High)
R2    1.1375 (11/Feb/2016 High)
R1    1.1255 (15/Feb/2016 High)

S1    1.1070 (26/Feb/2016 High)
S2    1.0945 (9/March/2016 Low)
S3    1.0820 (10/Mar/2016 Low)
S4    1.0780  (21/Jan/2016 Low)
S5    1.0710 (5/Jan/2016 Low)

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