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EUR/USD – trapped between two 38.2% Fibo levels

FX_IDC:EURUSD   EURO / US DOLLAR
Resistance – 1.1236 (38.2% of 1.0463-1.1714), 1.1260, 1.13

Support – 1.1196 (38.2% of 1.0517-1.1616), 1.1160, 1.1102

  • Pair has been largely restricted to a narrow range of 1.1196-1.1236 levels since Thursday.
  • Intraday breach of these levels were witnessed, but on a day end closing basis the pair finds itself trapped between the two 387.2% Fibo retracement levels.
  • A break below 1.1196 preferably on day end closing basis would signal the downtrend from the high of 1.1616 has resumed.
  • On the other hand, day end closing above 1.1236 would signal a short-term bottom has been made and subsequent move could see the pair test hurdle at 50-DMA.
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