EUR/USD is currently "floating" around the 1.11599 level, with a strong "shield" of support at 1.10762, guarded by two "bodyguards," the EMA 34 and EMA 89.
The key "wall" of resistance at 1.11838 presents a challenge – if it can't be broken, the price may retreat to regain strength from the support zone.
However, if this level is breached, EUR/USD could "break out" with great potential. The "winds" of inflation and interest rates from both the Eurozone and the US will shape the next move.
Traders can prepare for a breakout to buy or get ready to sell if the price reverses from resistance.
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