EUR/USD’s Key Fibonacci Resistance

Technical Reports

Pair’s trading is still neutral. The minor resistance of 1.2344 is aligned. Breach in that area will confirm conclusion of the drop from 1.2475. In that case, trading will turn up on the upside. Following pivot points include: (S1) 1.2232; (P) 1.2261 (R1) 1.2308.

Breach will align a test of 1.2555 maximum. Under 1.2214, EUR/USD will head towards the key support of 1.2154. Strong breach in that place will suggest rejection from the key fibonacci resistance of 1.2516.

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.