With the 3-Day RSI hovering near 2020 highs, the monthly chart shows potential for further upside as EURUSD breaks out of a long-term downtrend channel that began from the 2008 highs.
The pair has reached a high of 1.1470, aligning with the 0.272 Fibonacci retracement of the 2008–2022 downtrend.
A sustained hold above 1.15 opens the door for further gains toward resistance levels at 1.1730, 1.20, and 1.2350.
On the downside, if overbought conditions on lower time frames lead to a pullback below 1.1270, potential support levels to monitor include 1.1140, 1.1070,1.09, and 1.0850,
- Razan Hilal, CMT
The pair has reached a high of 1.1470, aligning with the 0.272 Fibonacci retracement of the 2008–2022 downtrend.
A sustained hold above 1.15 opens the door for further gains toward resistance levels at 1.1730, 1.20, and 1.2350.
On the downside, if overbought conditions on lower time frames lead to a pullback below 1.1270, potential support levels to monitor include 1.1140, 1.1070,1.09, and 1.0850,
- Razan Hilal, CMT
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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.
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.