The Euro sell-off is now approaching key support into the yearly lows at 1.17 level and the experts looking for guidance off this mark. It is a key support level on a weekly chart and traders are looking for accurate pricing action signals. The decline takes price towards the major support at the yearly lows and traders are on the lookout for possible inflection in the days ahead with the bears at risk heading into the 1.17 handle key level. Also in the day ahead, it is very important the US inflation data report. This can be the key event to confirm the current support or give a reason for a breakthrough. The updated targets and invalidation levels that matter on the EUR/USD weekly price chart are – levels around 1.16, the previous lows from September and November last year. If the price continues to fall it is possible to test the high from March 2020 at around 1.15 or to continue to test far away at South the levels around 1.11 or 1.06.
In another way of the price test, confirm and bounce back from the current strong support level and 0 Fibo levels, it is possible to activate the bulls and start climbing to the 23.6 Fibo or 38.2 Fibo around 1.1950 or higher to test price levels around 1.21 or previous high at 1.23. Also, experts say that traders' sentiment is net-long with 64% and with an increased net ratio.
Looking at our oscillator indicators we are noticing that MACD has crossed the triggered line yesterday and volume bars are negative.
Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carries a high level of risk. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and on such sites. Furthermore, one understands that the company carries zero influence over transactions, markets, and trading signals, therefore, cannot be held liable nor guarantee any profits or losses.
In another way of the price test, confirm and bounce back from the current strong support level and 0 Fibo levels, it is possible to activate the bulls and start climbing to the 23.6 Fibo or 38.2 Fibo around 1.1950 or higher to test price levels around 1.21 or previous high at 1.23. Also, experts say that traders' sentiment is net-long with 64% and with an increased net ratio.
Looking at our oscillator indicators we are noticing that MACD has crossed the triggered line yesterday and volume bars are negative.
Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carries a high level of risk. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and on such sites. Furthermore, one understands that the company carries zero influence over transactions, markets, and trading signals, therefore, cannot be held liable nor guarantee any profits or losses.
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.
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.