EUR/USD Retreats from 1.1000: Technical Signals Point
Updated
EUR/USD Retreats from 1.1000: Technical Signals Point to a Retracement
The EUR/USD pair, after reaching its highest level since August, experiences a pullback below the key psychological level of 1.1000 during the early European session on Wednesday. The US Dollar (USD) manages a modest recovery from its near four-month low, creating a headwind for spot prices as the market shows slightly overbought conditions on the daily chart.
From a technical perspective this morning, the price displays a divergence in the RSI on the H1 timeframe. Despite a fake breakout attempt to surpass 1.1000, the price is now positioned for a potential retracement, targeting the 50% Fibonacci zone from the previous swing low.
Our preference
Below 1.10400 look for further downside with 1.0960 & 1.0930 as targets.
The EUR/USD pair, after reaching its highest level since August, experiences a pullback below the key psychological level of 1.1000 during the early European session on Wednesday. The US Dollar (USD) manages a modest recovery from its near four-month low, creating a headwind for spot prices as the market shows slightly overbought conditions on the daily chart.
From a technical perspective this morning, the price displays a divergence in the RSI on the H1 timeframe. Despite a fake breakout attempt to surpass 1.1000, the price is now positioned for a potential retracement, targeting the 50% Fibonacci zone from the previous swing low.
Our preference
Below 1.10400 look for further downside with 1.0960 & 1.0930 as targets.
Trade closed: target reached
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