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Next breakthrough to determine the trend

The EUR/USD pair stalled its recent recovery move from YTD lows and failed ahead of the 1.0900 round figure mark. Haresh Menghani, an analyst at NDDFX, ponders the technical perspective of the pair.  

Key quotes

“The mentioned handle at 1.0900 should now act as a key pivotal point for short-term traders, above with a fresh bout of short-covering has the potential to lift the pair further towards an intermediate resistance near the 1.0955-60 supply zone en-route the key 1.10 psychological mark.”

“On the flip side, 1.0830 horizontal zone now seems to act as immediate support and is closely followed by the 1.0800 round-figure mark. A convincing breakthrough will confirm a fresh near-term bearish breakdown and set the stage for an accelerated downfall towards the 1.0700 round-figure mark.”

 

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