The price has reacted nicely off our selling area yesterday. We remain bearish below major resistance at 1.2956 (Fibonacci retracement, horizontal pullback resistance) and we expect a strong reaction off this level for a drop to at least 1.2837 support (Fibonacci retracement, horizontal pullback support). Stochastic (55,5,3) is dropping nicely from our resistance with good […]
The price is approaching major resistance at 0.9591 (Multiple Fibonacci retracements, horizontal overlap resistance) and we expect a strong reaction off this level for a push down to at least 0.9490 support (Fibonacci retracement, horizontal support). Stochastic (34,5,3) is seeing major resistance at 97% where we expect a corresponding reaction similar to the one we’re […]
EUR/USD: After a smooth bullish run that was seen earlier this week, there has been a minor correction after the resistance line at 1.2050 was reached, testing the support line at 1.2000. The support line at 1.2000 ought to do a good job impeding further bearish correction, otherwise, it would be difficult for the price […]
The pair remains favored by the weakness in the US Dollar and now it’s testing the resistance level of 1.2958. With a breakout above that zone, we can expect further strength towards 1.3013 and it’s something that indicators are favoring. However, corrective moves should take place towards the 200 SMA at H1 chart. H1 chart’s […]
— Written by Ilya Spivak, Currency Strategist for DailyFX.com To receive Ilya’s analysis directly via email, please SIGN UP HERE Contact and follow Ilya on Twitter: @IlyaSpivak DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.