NEW YORK (Forex News Now) – As of around 7:00 A.M. GMT on Tuesday, the euro was trading right below 1.3790 against the U.S. dollar, after trading above the 1.4000 mark for a significant percentage of the European currency market trading session yesterday.
This is what the analysts say about the heavily traded currency pair in the near-term:
Forexpros predicted that “the pair was likely to find support at 1.3859, Friday’s low, and resistance at 1.4080, Monday’s high.”
Forexcycle, for its part, notes that EUR/USD has stayed in a trading range between 1.3698 and 1.4152.
“Initial support is at 1.3860, as long as this level holds, another rise towards 1.4152 key resistance is expected later today, a break above this level could indicate that the uptrend from 1.2587 (Aug 24 low) has resumed, then further rise 1.4500 is possible,” the realtime forex news site adds.
According to FXstreet, EUR/USD will find “next potential resistance, above [1.3990/00], at 1.4020 and 1.4070 (Oct 25 high),” and “immediate support lies at 1.3900/05 (Daily Pivot Point/session low), and below here, 1.3855 (Oct 22 low) and 1.3820/30 (intra-day level/Oct 18 low).”