EUR/USD Analysis 11 , May 2015

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Source: ACFX Forex Broker

The intraday technical outlook

EURUSD continued to trade lower this morning, as Eurogroup meeting taking place.

The upward trend channel, which was formed since the middle of April, has been finally broken this morning with the pair price have stabilized below 1.2000 resistance currently.

Unless some conclusion will be found, the pair is likely to aim at 1.1070 support level. Alternatively, returning back to the channel might be an option, with the price looking to retest 1.1380 resistance.

From a technical perspective EURUSD is trading in an intraday 1 hour range with the line of control at the 1.1050 level.


eurusd chart


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