EURUSD Update: New Institutional Support at 1.0686
This is a technical analysis to note key institutional levels, not a trade recommendation.
Good morning traders.
Overnight trade has confirmed the upside pressure on this pair.
The 1.07196 resistance level was broken and dip buyers stepped in early London session.
Continued momentum should put sights up to the 1.0796 resistance level then 1.0851, with the latter being the stronger resistance level of the two.
See fresh institutional support level at 1.0686.
Only a break below such level will ease upside pressure.
Enjoy!
FAQ
What is an institutional level? Put ten traders in a room and instruct them to note key support and resistance levels. No doubt some of them will locate the proper levels, but there will surely be discrepancies among them because finding key support and resistance levels is subjective. Large financial institutions like big banks and hedge funds employ technical analysts to avoid these uncertainties and to justify what specific levels will attract institutional money.
Good morning traders.
Overnight trade has confirmed the upside pressure on this pair.
The 1.07196 resistance level was broken and dip buyers stepped in early London session.
Continued momentum should put sights up to the 1.0796 resistance level then 1.0851, with the latter being the stronger resistance level of the two.
See fresh institutional support level at 1.0686.
Only a break below such level will ease upside pressure.
Enjoy!
FAQ
What is an institutional level? Put ten traders in a room and instruct them to note key support and resistance levels. No doubt some of them will locate the proper levels, but there will surely be discrepancies among them because finding key support and resistance levels is subjective. Large financial institutions like big banks and hedge funds employ technical analysts to avoid these uncertainties and to justify what specific levels will attract institutional money.
