EUR/USD: Pair Hovers Near Key Resistance Levels
| Oct 15, 2021 03:46AM ET
Looking at the EUR/USD 4-hour chart, we can see the month-long downtrend is beginning to slow down. The support level at 1.153 held strong after it was tested twice.
Later, the price managed to bounce upwards towards the 1.16 price range, trying to consolidate and hold onto its gains since Tuesday’s move.
The pair currently trades near the 1.16 price level, between support of 1.157 and overhead resistance of 1.162.
Today we could expect another attempt to break through the overhead resistance at 1.162, as a short-term momentum shift might be at play. Consolidation at the current range is also a possibility.
If, however, it does not manage to hold above the 1.158 level, then the pair could head towards the 1.157 support level.
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