LeoPrime Daily Market Analysis

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EURUSD reversed from 1.08000 support area; Likely to rise to 1.10000

EURUSD recently reversed up sharply from the support area lying between the support level 1.08000 (low of the weekly Morning Star from the start of this year), lower weekly Bollinger Band and the support level 1.06000 (which started the sharp uptrend in the middle of 2017). Given the strengthening bearish sentiment affecting the USA dollar today – EURUSD is likely to extend the gains inside the active weekly correction (2) toward the next resistance level 1.10000. Strong support now stands near the support level 1.08000.

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