EUR/USD: Better bid above 1.1350 amid hopes for diplomacy over Ukraine
EUR/USD is looking to break higher from 1.1350-1.1370 on optimism for diplomacy on the Blinkin-Lavrov meeting next week. The US dollar holds steady as risk sentiment improves amid easing fears over an imminent Russian invasion of Ukraine. Fedspeak, Biden's meeting in
Technical Overview
On the four-hour chart, EUR/USD is trading within a symmetrical triangle and the Relative Strength Index (RSI) indicator is moving sideways around 50, highlighting the pair's indecisiveness.
On the upside, 1.1400 (psychological level, Fibonacci 23.6% retracement of the latest uptrend) aligns as the first technical resistance. In case this level turns into support, 1.1450 (static level) and 1.1480 (static level) could be targeted.
Significant support seems to have formed at the 1.1340/1.1350 area (Fibonacci 38.2% retracement of the latest uptrend, 200-period SMA and 100-period SMA). The bearish pressure could gather strength below that level and the pair could extend its slide toward 1.1300 (psychological level, Fibonacci 50% retracement).
EUR/USD is looking to break higher from 1.1350-1.1370 on optimism for diplomacy on the Blinkin-Lavrov meeting next week. The US dollar holds steady as risk sentiment improves amid easing fears over an imminent Russian invasion of Ukraine. Fedspeak, Biden's meeting in
Technical Overview
On the four-hour chart, EUR/USD is trading within a symmetrical triangle and the Relative Strength Index (RSI) indicator is moving sideways around 50, highlighting the pair's indecisiveness.
On the upside, 1.1400 (psychological level, Fibonacci 23.6% retracement of the latest uptrend) aligns as the first technical resistance. In case this level turns into support, 1.1450 (static level) and 1.1480 (static level) could be targeted.
Significant support seems to have formed at the 1.1340/1.1350 area (Fibonacci 38.2% retracement of the latest uptrend, 200-period SMA and 100-period SMA). The bearish pressure could gather strength below that level and the pair could extend its slide toward 1.1300 (psychological level, Fibonacci 50% retracement).