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EUR/USD - Eyeing 38.2% Fibo support

FX:EURUSD   Euro Fx/U.S. Dollar
The pair rose to daily 50-MA yesterday as expected

  • Euro's failure to take out 1.13 (also hourly 200-MA) followed by a break below hourly 50-MA indicates the currency pair could fall back to 1.1236 (38.2% of 1.0463-1.1714).
  • Further losses towards 1.1170 could be seen only if the spot sees an hourly closing below 1.1230 levels.
  • On the higher side, 1.13 is a strong resistance, which needs to be breached on hourly closing basis if the pair has to test 1.1342-1.1376.
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