EUR/USD Fibo Test
More USD strength to start the week and the big item for the dollar on this week's calendar is the CPI release on Wednesday morning.
USD is overbought on both weekly and daily charts and EUR/USD is oversold on the weekly.
That doesn't necessarily spell reversal, however, and we're likely waiting for that CPI data on Wednesday to see if there's going to be profit taking in these well-built trends.
In EUR/USD, a big level just came into play at 1.0200. That's the 23.6% retracement of the same Fibonacci setup that caught the high at the 61.8% retracement in 2023. There was also the low in the first half of last year at the 38.2 that ended up coming in as resistance in December. -js
USD is overbought on both weekly and daily charts and EUR/USD is oversold on the weekly.
That doesn't necessarily spell reversal, however, and we're likely waiting for that CPI data on Wednesday to see if there's going to be profit taking in these well-built trends.
In EUR/USD, a big level just came into play at 1.0200. That's the 23.6% retracement of the same Fibonacci setup that caught the high at the 61.8% retracement in 2023. There was also the low in the first half of last year at the 38.2 that ended up coming in as resistance in December. -js
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