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Will the bulls manage to keep the EUR/USD above 1.30?

After last week’s spike that sent the EUR/USD to the dizzy highs of 1.31, the pair has been re-tracing to reach the key support level at 1.30. The two hammer formations on the daily chart suggest that we could find enough support in this area in order to continue higher. At 1.3054 at the time of writing, the market is in indecisive territory. We expect some consolidation here and need to see a break above the highs form Friday session at 1.3094 for confirmation of the bullish bias. Next target for the bulls to watch sits at 1.314. In the alternative scenario, a consistent break below 1.30 would open the door to next support level at 1.29.

Dafni Serdari
Market Analyst, Spread betting & CFDs
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