EUR/USD has started to form a rounding top, completing a 23.6% Fibonacci retracement into higher volume nodes. A break of 1.1093 opens risk 1.1049 for a 38.2% Fibonacci retracement ahead of 1.0997 mean reversion target. The golden ratio retracement target, 61.8% Fibonacci, is located at 1.0945. The bulls have been charging in recent sessions due to an exodus from emerging market currencies, (EM-FX), fuelling a buyback in the euro, borrowed to for its lower borrowing costs to fund higher-yielding investments. However, in recent sessions, we have started to see a build-up of selling volume and a rounding-top in EUR/USD with the price pressured in a series of lower highs and lows back to a 23.6% Fibonacci retracement of the move up. As can be seen, the price is resting at a monthly level. Should this give way, from a volume profile analysis, we can see that the higher volume nodes in recent sessions have been already tested until a 38.2% that guards a 50% and then a 61.8% Fib target. EUR/USD resting at key monthly levels EUR/USD market profile studies point to 61.8% Fib target 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 Fed Beige Book March 2020: US economic activity expands at modest to moderate rate FX Street 2 years EUR/USD has started to form a rounding top, completing a 23.6% Fibonacci retracement into higher volume nodes. A break of 1.1093 opens risk 1.1049 for a 38.2% Fibonacci retracement ahead of 1.0997 mean reversion target. The golden ratio retracement target, 61.8% Fibonacci, is located at 1.0945. The bulls have been charging in recent sessions due to an exodus from emerging market currencies, (EM-FX), fuelling a buyback in the euro, borrowed to for its lower borrowing costs to fund higher-yielding investments. However, in recent sessions, we have started to see a build-up of selling volume and a rounding-top in EUR/USD with… Regulated 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.
