EURUSD jumped to 1.0340 resistance after breaking the downtrend channel. FED is near shifting down the rate hikes as nearing the possible peak while ECB might have to continue for some time. Also, new weather forecasts showing milder winter for Europe is curbing gas crisis fears is positive for the EURUSD. But after the recent surge, the price reached the 1.0340 resistance.
The 1.0340 – 1.05 zone was the main support zone for EURUSD since 2014 until broke this summer. The lower point of this zone, 1.0340 was the main point of support at the last two rejections. 1.0340 might cause a major resistance for bulls to pass and until broken, might trigger a mini down correction that led the price to 1.009 support.
For the upside moves, breaking the 1.0340 – 1.05 zone could be a major buy signal for the medium term.
