Will the EURUSD Break Above 1.20?

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EURUSD: 1.1996

EURUSD momentum building to the upside with Amazing Trader ladders pointing up across multiple time frames. Obvious pivotal level is 1.20 as that will set the tone going forwards with resistance lying above it at 1.2004 and 1.2034 ahead of the major 1.2092 level. 

Note: The dollar has fallen across the board in thin end of year trading so be wary if it continues to start the year as the first week of a new year often sees false starts and whipsaws, With that said, let's look at what Amazing Trader charts show:

One hour ladder:

Latest ladder started at 1.1936 so the ladder rung level that need to hold along with 1.1923 to keep the risk on the upside intact. 

Daily ladder:

Amazing Trader resistance: 1.2004 - 1.2034 - 1.2092  (major level). Latest The AT ladder rung started at the 1.1816 level with no corrections and the current AT ladder started at 1.1713. Breakout levels were at 1.1940 and 1,1961, the zone that needs to hold as support to keep 1.20 on the radar. 

Jay Meisle, founder



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: Investing , Forex , Currencies , FX Basics

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