EURUSD above 1.06

Monday is very lively for EURUSD pair. Following upward correction last week, major currency pair today broke above resistance at 1.06 and reached the highest level since June 10. While there’s no single catalyst, it seems like buoyant sentiment on indices put pressure on USD.

Technically looking at the D1 interval, the main currency pair is testing the bottom of a key resistance. The zone around 1.0630 is marked with previous price reactions and upper limit of the wide descending channel. If sellers become more active the  resumption of the main downtrend is possible. On the other hand, should a break above the resistance zone at 1.0630 may occur, could lead to a change in sentiment and generate another upward impulse.

Source: xStation5