“¢ The pair faded a knee-jerk bullish spike to over two-week tops and quickly retreated around 35-40 pips from an important confluence resistance near the 1.1620 region.
“¢ The mentioned hurdle, comprising of 50% Fibonacci retracement level of the 1.1815-1.1432 downfall and 100-period SMA on the 4-hourly chart has been a tough nut to crack for the bulls.
“¢ With technical indicators on the mentioned chart holding in bullish territory, a convincing breakthrough sets the stage for some aggressive short-covering rally in the near-term.
“¢ Alternatively, a convincing break below the 1.1535-30 support, held over the past two trading session and coinciding with 50-period SMA, will turn the pair vulnerable to resume with its prior depreciating move.
EUR/USD 4-hourly chart
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EUR/USD
Overview:
Last Price: 1.1601
Daily change: 21 pips
Daily change: 0.181%
Daily Open: 1.158
Trends:
Daily SMA20: 1.1612
Daily SMA50: 1.1586
Daily SMA100: 1.1628
Daily SMA200: 1.1918
Levels:
Daily High: 1.1607
Daily Low: 1.154
Weekly High: 1.1611
Weekly Low: 1.143
Monthly High: 1.1816
Monthly Low: 1.143
Daily Fibonacci 38.2%: 1.1582
Daily Fibonacci 61.8%: 1.1566
Daily Pivot Point S1: 1.1544
Daily Pivot Point S2: 1.1509
Daily Pivot Point S3: 1.1478
Daily Pivot Point R1: 1.1611
Daily Pivot Point R2: 1.1642
Daily Pivot Point R3: 1.1677
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