EUR/USD closed Wednesday below 23.6% Fibonacci retracement of the March to September rally. The daily chart suggests scope for a decline to 1.15. EUR/USD closed Wednesday at 1.1670, breaching the 23.6% Fibonacci retracement level of the uptrend from the March low of 1.0623 to the Sept. 1 high of 1.2011. That Fibonacci level of 1.1687 may now act as resistance. The pair is currently trading at 1.1670 amid signs of bullish divergence of the hourly chart relative strength index. As such, the pair may challenge resistance levels at 1.1687 to 1.17, before suffering a deeper drop, as suggested by the head-and-shoulders breakdown seen on the daily chart. The 14-day RSI, too, is reporting a bearish bias with a below-50 print. Support levels are seen at 1.1495 (March 9 high) and 1.1486 (38.2% Fibonacci retracement). A close above the head-and-shoulders neckline level of 1.1770 is needed to invalidate the bearish outlook. Daily chart Trend: Bearish Technical levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next US election risk may push gold to record high before the year-end – Citigroup FX Street 1 year EUR/USD closed Wednesday below 23.6% Fibonacci retracement of the March to September rally. The daily chart suggests scope for a decline to 1.15. EUR/USD closed Wednesday at 1.1670, breaching the 23.6% Fibonacci retracement level of the uptrend from the March low of 1.0623 to the Sept. 1 high of 1.2011. That Fibonacci level of 1.1687 may now act as resistance. The pair is currently trading at 1.1670 amid signs of bullish divergence of the hourly chart relative strength index. As such, the pair may challenge resistance levels at 1.1687 to 1.17, before suffering a deeper drop, as suggested by the head-and-shoulders… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
