“¢ The pair struggled to build on the overnight up-move and now seems to have faced rejection near a confluence resistance, comprising of 200-hour SMA and 50% Fibonacci retracement level of last week’s downfall.
“¢ Technical indicators on the 1-hourly chart have been losing positive momentum and maintained their bearish bias on 4-hourly/daily charts, clearly indicating that the near-term downtrend might still be far from over.
“¢ A follow-through weakness below 38.2% Fibonacci retracement level support, around the 1.1335-30 region, will reinforce the negative outlook and accelerate the slide back towards challenging the 1.1300 mark.
“¢ The mentioned handle coincides with 23.6% Fibonacci retracement level and should act as an important support ahead of the latest FOMC monetary policy update, scheduled to be announced on Wednesday.
EUR/USD 1-hourly chart
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EUR/USD
Overview:
Today Last Price: 1.1342
Today Daily change: -4.0 pips
Today Daily change %: -0.0353%
Today Daily Open: 1.1346
Trends:
Previous Daily SMA20: 1.1354
Previous Daily SMA50: 1.1396
Previous Daily SMA100: 1.1494
Previous Daily SMA200: 1.1712
Levels:
Previous Daily High: 1.136
Previous Daily Low: 1.1302
Previous Weekly High: 1.1444
Previous Weekly Low: 1.1269
Previous Monthly High: 1.15
Previous Monthly Low: 1.1216
Previous Daily Fibonacci 38.2%: 1.1337
Previous Daily Fibonacci 61.8%: 1.1324
Previous Daily Pivot Point S1: 1.1312
Previous Daily Pivot Point S2: 1.1278
Previous Daily Pivot Point S3: 1.1254
Previous Daily Pivot Point R1: 1.1369
Previous Daily Pivot Point R2: 1.1393
Previous Daily Pivot Point R3: 1.1427
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