On US open , the EURUSD Jumped strongly today . The pair has flown towards intraday resistance at the 1.1078 levels. This is normal as we at the last day of the month , the smart question is now ? what’s next !!!!
At the moment the pair is hovering around broken resistance 1.1078 , we don’t have a clear break above this level yet, there’s a risk to spike towards the 1.1135 levels where strong rejection is very likely , note that we have also daily chart resistance at the 1.1128 levels, this level (1.1128) separates between up and down , so stability below this level on a daily closing basis means a return to the key support 1.0800 , sooner or later…
To prevent the risk of a return to the 1.0800 levels, sustained breakout -daily closing – above the 1.1128 levels is needed, If seen , the risk will be reversed towards the 1.1435 levels.
Note that , a clear break below 1.0933 will open main support at the 1.0800 levels..
Recommendations : Selling the pair below 1.1128 with 1.0933 as next target and 1.0800 as a second target..
Alternative Scenario : The upside breakout of the 1.1128 levels will reverse risk towards the 1.1215/1.1278 levels ahead of the 1.1435 levels.