The EURUSD pair found some decent support at 1.08810, low of 1st October and brought a temporary end to the bearish rally. From that level, the bulls managed to secure a new high on 21st October at 1.11762. But the bulls lost their momentum after the NFP data beat the expectations of the investors. Though the critical resistance level at 1.11762 is heavily backed by plenty of resistive candles, current U.S China trade optimism might bolster the bullish setup. A clear break of the critical resistance level at 1.11762 might lead this pair towards the high of 5th August at 1.1250.
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Considering the medium-term price movement in the EURUSD pair, the bulls are showing promising strength since they can make new higher highs associated with new higher lows after bouncing off from the low of 1st October 2019. With a valid break above the major resistance at 1.11762 might refuels the bulls in the market. However, failing to break above the critical resistance level at 1.11762 might lead this pair towards the nearest critical support level at 1.1076, low of 29th October. A retest of the low 29th October might create potential buying opportunities for the investors. But a decisive break of the price below the critical support level at 1.1076, might target the low of 1st October 2019.Download our latest quarterly market outlook for our longer-term trade ideas.
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