EURUSD APPROACHES THE RESISTANCE
Updated
The EUR/USD currency pair recently experienced a notable bearish movement as it broke through a significant support level and trendline, signaling a downward trend. The price subsequently reached a key monthly support level, from which it initiated a retracement.
This retracement is currently in progress and is aimed at reaching the 50% Fibonacci retracement level(1.0900). The overall trajectory for the week remains bullish, with the price expected to continue its retracement toward the 50% Fibonacci level.
We can use the slight pullback to add buy positions with the initial target at 1.08100.
This retracement is currently in progress and is aimed at reaching the 50% Fibonacci retracement level(1.0900). The overall trajectory for the week remains bullish, with the price expected to continue its retracement toward the 50% Fibonacci level.
We can use the slight pullback to add buy positions with the initial target at 1.08100.
Note
The currency pair has consistently experienced rebounds from the critical support level at 1.0660, emphasizing a strong bullish sentiment. It's crucial to monitor upcoming Consumer Price Index (CPI) data as it holds the potential to either amplify the bullish momentum or disrupt the current support, potentially negating our bullish outlook. In the event that the price breaches the support level, the anticipated target for the downside movement is set at 1.0600.Note
First target hit.Trade closed: target reached
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