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EUR/USD – Bulls would cheer daily closing above 50% Fibo

FX_IDC:EURUSD   EURO / US DOLLAR
Resistance – 1.1131, 1.1183, 1.1236

Support – 1.1088, 1.1058, 1.10

  • Pair’s retreat from the European session high of 1.1154 following a three-day winning streak indicates the bullish momentum may have run out of steam for now and thus could yield sideways action just above 1.1088 (50% of 1.0463-1.1714).
  • Nevertheless, a day end closing above 1.1088 today in the wake of a better-than-expected preliminary Eurozone CPI             report would signal continuation of the rally from Friday’s low of 1.0911 and open doors for a further upside towards 1.236 (38.2% of 1.0463-1.1714).
  • On the other hand, a daily closing below 1.1088 would signal end of the corrective rally from Friday’s low and could result in a fall back to 1.10 levels.
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