EUR/USD strength continued through the early part of the week, but a big level came into play that ended up holding the high at 1.0943. That's the 50% mark of the 2021-2022 major move, and it's related to the 1.0200 level that came in to hold support in February, leading to a stall in the sell-off that month that pushed into a bullish breakout in March.
Bulls remain in control but the next 100 or so pips overhead brings quite a bit of resistance, such as the 161.8% extension of the shorter-term move, from December to the February low, or the 1.1000 psychological level.
There's also the matter of RSI to consider, as RSI on the daily chart of EUR/USD pushed back-below the 70-level and that was the first such instance since last August. Of course, the pair hadn't quite topped yet, as bulls drove through September finally to relinquish control around the Q4 and October open, so overbought RSI isn't necessarily an indication of timing.
More pertinent, however, is bullish defense and now the 1.0611 Fibonacci level is set up as support potential. There's also possible support at the 1.0750 psychological level, or the 200-day moving average which plots about 20 pips below that. - js
Bulls remain in control but the next 100 or so pips overhead brings quite a bit of resistance, such as the 161.8% extension of the shorter-term move, from December to the February low, or the 1.1000 psychological level.
There's also the matter of RSI to consider, as RSI on the daily chart of EUR/USD pushed back-below the 70-level and that was the first such instance since last August. Of course, the pair hadn't quite topped yet, as bulls drove through September finally to relinquish control around the Q4 and October open, so overbought RSI isn't necessarily an indication of timing.
More pertinent, however, is bullish defense and now the 1.0611 Fibonacci level is set up as support potential. There's also possible support at the 1.0750 psychological level, or the 200-day moving average which plots about 20 pips below that. - js
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Related publications
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.