EUR/USD’s Key Fibonacci Resistance

Technical Reports

Pair’s trading remains on the downside to 1.2238 support. Breach will align 1.2154 support and lower, suggesting rejection from the key fibonacci resistance of 1.2516 and head towards 38.2% retracement of 1.0339 to 1.2555 at 1.1708. Following pivot points include: (S1) 1.2236; (P) 1.2285 (R1) 1.2318.

Breach of 1.2344 minor resistance will mute bearishness and push trading to the upside to 1.2475 resistance.

Key fibonacci level at 38.2% retracement of 1.6039 to 1.0339 at 1.2516 stays resilient. Lift from the medium term bottom of 1.0339 has a corrective nature. Firm breach of 1.2516 will suggest bullishness and align 38.2% retracement of 1.6039 to 1.0339 at 1.3862. Rejection from 1.2516 will boost long term bearish prognosis and suggest repeat test of 1.0039 level. Strong breach of 1.2516 will suggest bullishness and align 61.8% retracement of 1.6039 to 1.0339 at 1.3862.