EURUSD Support and Resistance 2/12/2019

Euro Money

The Euro has come under a lot of pressure over the past several sessions with the market trading within proximity of the 2018 low of 1.1215 from November. Strong support is found at the 113 level.

Euro does set up this possibility for a break to the topside that takes us back above the 2019 high which was seen just few weeks back. This could open the door for what could be a developing uptrend on a medium-term to longer-term basis.

Short-term resistance right now is that Monday high which comes in at 113.30 and a break above there would be significant short-term development as far as potentially acting as a catalyst for a reversal.

Remember at this point the market has been pulling back within this sequence of lower highs and lower lows every day and if that sequence is broken of lower highs and lower lows it could very well do the trick of strengthening that possibility for the start to something much bigger to the topside.