Euro/US Dollar Has Rising Around 200 Pips

EUR/USD finds 1.1.4390/1.4400 zone as strong resistance

After rising from 1.4350 in the early Asian session to hit intra-day high at 1.4395, MA200 hourly chart, the EUR/USD has been trading in a narrow range between 1.4370 and 1.4395, just below 1.4400 level. Currently the pair is trading around 1.4380, 0.5% below today's opening price action at 1.4390.

EUR/USD has opened today's session with gains after two positive weeks and the pair has rising around 200 pips from December 22 low at 1.4215 to reach 1.4415 on December 24. Currently the pair is trading in consolidation mode below MA200 periods in hourly chart.

“EURUSD has formed a low trading range between support at 1.4246 and resistance at 1.4396. A breakout of resistance barrier can initiate a major trend reversal. Above resistance, bears are in danger. However, while 1.4396 price level stays active, bears are looking for another rebound back to support barrier.”