- EUR/USD is trading 1% higher yet again as more greenback bearishness kicks in.
- At the moment there is a trendline that is providing some resistance in the pair.
EUR/USD Daily Chart
As traders and investors price in the prospect of Fed rate cuts, EUR/USD has pushed higher at an amazing rate.
1.08 seems like a small distant memory now as the pair heads towards 1.12.
Now the price has moved so far it leads us to wonder where the next resistance may kick in.
Above where the price is now the pair found some resistance at 1.1235, so this could be a tricky level again.
The psychological 1.12 level needs to be taken out first. It is hard to tell if the market has priced in all the USD bearishness.
Over the next couple of sessions, the price could move away from this overbought territory for a small pullback.