EUR/USD Close To 1.11

For the first time since the pre-election period the EUR/USD is trading close to 1.11. The pair reached a high of 1.1096 and immediately stepped down a bit to currently trade at 1.1084. The sharp move started last week when the price was close to the support line at 1.0830.

Since then, the EUR/USD made an impressive 260 points rally. Current market price is seen as potential resistance for the short to medium term outlook. The probable outcome from this situation is depreciation with enough to get the pair back into the trading channel.

Bears might attempt to push it down to levels around 1.10. Below that, short-term support is seen at 1.0830. On the other hand, with price already above resistance, bulls will try their best to keep it that way and go for potential first target at 1.1150.

Chart: EUR/USD H4