Euro Set to Revisit Lows from April 2020 Amid Breakout?
The Euro appears to be on the verge of confirming a breakout under a Bearish Rectangle chart formation.
Immediate support appears to be the 61.8% Fibonacci extension at 1.1048 before the 78.6% level at 1.0927 comes into play.
This has exposed lows from April 2020, which make for a range of support between 1.0727 and 1.0793.
Keep a close eye on the 100-day Simple Moving Average, which may hold as resistance in the event of a turn higher and maintaining the dominant downside focus.
A breakout above the ceiling of the rectangle at 1.1495 may signal a key upside reversal signal.
EURUSD
Immediate support appears to be the 61.8% Fibonacci extension at 1.1048 before the 78.6% level at 1.0927 comes into play.
This has exposed lows from April 2020, which make for a range of support between 1.0727 and 1.0793.
Keep a close eye on the 100-day Simple Moving Average, which may hold as resistance in the event of a turn higher and maintaining the dominant downside focus.
A breakout above the ceiling of the rectangle at 1.1495 may signal a key upside reversal signal.
EURUSD