EUR/USD witnessed a modest pullback from the vicinity of the 61.8% Fibonacci of the 1.1497-1.0636 recent slump. Haresh Menghani, an analyst at FXStreet, examines the pair from a technical perspective.
Key quotes
“Any subsequent slide below the 1.1065 region (50% Fibo.) might still be seen as a buying opportunity and help limit further downside, near the key 1.10 psychological mark.
“The 1.1100 round-figure mark now seems to act as immediate resistance and is followed by the 1.1145-50 supply zone.”
“A convincing breakthrough the 1.1145-50 mark, leading to a subsequent strength beyond the 1.1165 region (61.8% Fibo.), will reaffirm the near-term bullish bias and lift the pair beyond the 1.1200 mark.”
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