EUR/USD is looking to break a streak of six consecutive down days after running into Fibonacci resistance at 1.0943.
That pullback spanned more than 200 pips at its peak, with support finally showing up yesterday in the 1.0730-1.0750 zone previously highlighted.
The question now is which trend will take over - as the prior bullish trend had quickly went overbought with RSI divergence showing into last Wednesday's FOMC meeting.
For today, the 1.0800 level has capped bulls' advance and the next levels up are prior price swings at 1.0823 and 1.0861, followed by a Fibonacci extension at 1.0909 and then the longer-term Fibonacci level at 1.0943. - js
That pullback spanned more than 200 pips at its peak, with support finally showing up yesterday in the 1.0730-1.0750 zone previously highlighted.
The question now is which trend will take over - as the prior bullish trend had quickly went overbought with RSI divergence showing into last Wednesday's FOMC meeting.
For today, the 1.0800 level has capped bulls' advance and the next levels up are prior price swings at 1.0823 and 1.0861, followed by a Fibonacci extension at 1.0909 and then the longer-term Fibonacci level at 1.0943. - js
Related publications
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.
Related publications
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.