EUR/USD meets daily support, bulls looking for a correction to at least a 38.2% Fibo. US dollar extending the upside correction from monthly support. EUR/USD extended the downside at the start of this week as the US dollar continues to recover from the near 3-year low hit last week as US yields climb. The DXY is in its fourth straight session of gains, trading some 0.36% at the time of writing with price embedded in monthly demand territory: Meanwhile, the euro is potentially overextended to daily support territory and a correction could be in order before a further decline. The following offers technical analysis on the daily chart: The topping formation following the bearish engulfing candlestick has been confirmed with the latest break below the 10-day moving average and dynamic trendline support. The daily support could lead to a correction back to test the 10-DMA in at least a 38.2% Fibonacci retracement. If a correction does indeed come as a consequence of the demand area, then a re-run to the downside would leave a topping pattern in the head and shoulders as follows: 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 S&P 500 top movers: Eli Lilly and Co (LLY: NYSE) soars to new record high above $180 FX Street 11 months EUR/USD meets daily support, bulls looking for a correction to at least a 38.2% Fibo. US dollar extending the upside correction from monthly support. EUR/USD extended the downside at the start of this week as the US dollar continues to recover from the near 3-year low hit last week as US yields climb. The DXY is in its fourth straight session of gains, trading some 0.36% at the time of writing with price embedded in monthly demand territory: Meanwhile, the euro is potentially overextended to daily support territory and a correction could be in order before a further decline. The… 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.
