EURUSD EURUSD, on Wednesday, jumped above 1.3300 mark towards 61.8% Fibonacci Retracement Level of 1.3452 - 1.3104 fall. The pair, however, failed to
EURUSD
EURUSD, on Wednesday, jumped above 1.3300 mark towards 61.8% Fibonacci Retracement Level of 1.3452 – 1.3104 fall. The pair, however, failed to decisively clear the 61.8% retracement level.
On Thursday, the pair, after retesting Wednesday’s high pull-back to 1.3283 and is currently trading at 1.3294.
On the immediate downside, 23.6% Fibonacci Retracement Level of the move from July low (1.2755) to August high (1.3452), now seems to provide support for the currency pair and 1.3350 area might continue to provide immediate
resistance on the upside.
Should the pair appreciate beyond 1.3350 resistance zone, the pair is likely heading back towards 1.3440 – 1.3460 resistance zone. Furthermore, should the pair appreciate beyond 1.3440 – 1.3460 zone hurdle, the pair could continue appreciating towards 1.3650 – 1.3700 zone.
Alternatively, a break below 1.3270 – 1.3280 immediate support could further weaken the currency pair towards 1.3220 – 1.3230 strong support zone marked by 38.2% retracement level.
