Can the Euro Break Free from the 1.1200 Resistance?
Right now, the EUR/USD pair is trading around 1.1130. The nearest resistance level is at 1.1200. If the price breaks above this level, the next targets could be 1.1265 and 1.1335. On the other hand, if the price falls below 1.1115, it may drop to the key support level at 1.1050. The EMA 34 and 89 is also showing a bullish signal as the moving averages are trending upward.
Based on the current factors, like the potential Fed rate cuts and the stability of the Eurozone economy, the EUR/USD pair is likely to continue its upward trend in the short and medium term.
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