EUR/USD remained depressed on Friday and retested weekly lows, near the 1.1055 area. Haresh Menghani, an analyst at FXStreet, takes a look at the pair from a technical perspective.
Key quotes
“EUR/USD has been finding decent support near confluence support comprising of 100-day SMA and 61.8% Fibonacci level of the 1.0778-1.1335 recent upsurge, which should now act as a key pivotal point for short-term traders.”
“A convincing break below will negate prospects for any further positive move and turn the pair vulnerable to accelerate the slide towards challenging the key 1.10 psychological mark.”
“On the flip side, the 1.1200 round-figure mark now seems to have emerged as an immediate strong resistance, which is closely followed by resistance near the 1.1235 region.”
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