In line with the DXY’s pullback below 98, the EURUSD jumped near the 1.16 resistance, the 50% Fibonacci retracement of the 3-legged correction from the 2025 peak, where it is facing another drop-down risk for another 3 legs down should the trend not confirm a clean close above 1.16. My scenarios are the following:
Bearish Scenario: a clean hold below 1.1450 can extend losses back towards 1.1380 where it can hold the trend or make way for a deeper drop towards 1.12.
Bullish Scenario: a clean hold above 1.16 may extend gains back in the direction of 2025 peaks near 1.1680 and 1.1770 before extending new 2025 records.
- Razan HiLal, CMT
Bearish Scenario: a clean hold below 1.1450 can extend losses back towards 1.1380 where it can hold the trend or make way for a deeper drop towards 1.12.
Bullish Scenario: a clean hold above 1.16 may extend gains back in the direction of 2025 peaks near 1.1680 and 1.1770 before extending new 2025 records.
- Razan HiLal, CMT
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.