EUR/USD: 1-hour
Here’s a potential break-and-retest forex play on EUR/USD’s 1-hour time frame. Price has been heading south recently but it looks like bears need to take a break for now. With that, EUR/USD could pull up to the Fib levels while stochastic makes its way towards the overbought zone. The pair could find resistance at the 1.2800 major psychological handle, which lines up with the 50% Fibonacci retracement level and the falling trend line connecting the latest highs. A higher retracement might last until the 61.8% Fib, which lines up with a broken support zone, before euro bears take control once more.
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