EUR/USD has managed to find acceptance above the 50% Fibonacci level of its February/March rally but struggled to extend the momentum further beyond 100-hour SMA. Haresh Menghani, an analyst at FXStreet, takes a look at the technical picture of the pair.
Key quotes
“The 1.1200-10 region coincides with 38.2% Fibo. level and should now act as a key pivotal point for intraday traders.”
“Above the mentioned barrier, the pair is likely to surpass the 1.1235 intermediate supply zone and aim towards reclaiming the 1.1300 round-figure mark.”
“On the flip side, the 1.1135 region (50% Fibo. level) now seems to protect the immediate downside and is followed by support near the 1.1100 mark. Any subsequent slide might continue to attract some dip-buying near the 1.1055 confluence support, comprising of 100-day SMA and 61.8% Fibo. level.”
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