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EUR/USD – Weakness seen below 38.2% Fibo

FX:EURUSD   Euro Fx/U.S. Dollar
118 0 3
Resistance – 1.1260-1.1280, 1.1342, 1.1376

Support – 1.1236, 1.12, 1.1144

  • Pair’s closing below confluence of rising trend line levels and confluence of Fibo levels – 1.1241 (23.6% of 1.0517-1.1465) – 1.1236 (38.2% of 1.0463-1.1714) coupled with drop in RSI below 50.00 indicates rallies towards 1.1260-1.1280 as seen now could be met with fresh offers.
  • Rejection at 1.1260-1.1280 followed by a drop below 1.1236 could yield 1.12 levels.
  • On the higher side, stiff resistance is seen at 1.1280, which needs to be taken out on daily closing basis for bulls to re-enter market.
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