EUR/USD bears had an open door to make a run last week and, so far, they've failed. The Wednesday turn around Trump's threat to fire Jerome Powell certainly made a mark, but the question now is whether the USD can respond to support at a longer-term trendline; and, in turn, EUR/USD is now testing in the zone between 76.4 and 78.6% Fibonacci retracements of the 2021-2022 major move.
There's also the underside of the falling wedge pattern that's now coming in as resistance as taken from prior support. The next resistance level overhead is the 1.1748 level, which is the 78.6% retracement that had offered both resistance and support with short-term price action in the pair. - js
There's also the underside of the falling wedge pattern that's now coming in as resistance as taken from prior support. The next resistance level overhead is the 1.1748 level, which is the 78.6% retracement that had offered both resistance and support with short-term price action in the pair. - js
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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.