EURUSD has broken the previous range zone resistance, and there is a possibility of a support break back into the range zone.
Price Action 📊
The market's price action on the 4H chart has been very bullish with the range zone momentum break; however, the price seems to have exhausted and the market is now pulling back. We are now looking for a price break and a close below 1.06946 for confirmation of a complete pullback.
Fundamental Analysis 📰
Euro zone borrowing costs rose on Monday as investors took a breather after pricing in last week up to 100 basis points of European Central Bank rate cuts by December 2024, sending the benchmark Bund yield to a seven-week low.
Support 📉
1.06946: PREVIOUS RANGE ZONE RESISTANCE
Resistance 📈
1.07564: WEEKLY HIGH
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