- The Daily chart (bearish) in EUR/USD shows that the price has been supported on the 61.8% Fibo since Oct 2018 with rallies capped at the 50% Fibo of the same range (with the confluence of the 200-D SMA – a tough nut to crack) .
- 50-D SMA is currently offering near term resistance.
- Meanwhile, on the 4HR charts, we are seeing the price making a fresh high but momentum lagging, suggesting that the price may struggle through channel resistance and the confluence f the 4HR 200 DMA and 38.2% Fibo of the recent swing highs and lows.
- Failures here will open the case for a run back to the rising channel support with the potential of a test below it – Eyes on the 23.6% Fibo and the midpointt of the 1.12 handle.
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