EUR/USD: Euro bulls fighting against the selling pressure [Video]
|EUR/USD
Whilst the market remains volatile (yesterday’s range of 190 pips was almost bang on the massively broad Average True Range of 194 pips), at least the euro bulls can be said to be fighting against the selling pressure. The past three daily lows have all come within 20 pips of one another, leaving yesterday’s low at $1.0635 as a level to keep an eye on now. A positive close in yesterday’s session also suggests that the bulls are trying to fight back. The hourly chart looks more constructive too and a base pattern is threatening. The resistance to overcome now is at $1.0830. This has been the daily high of the past two sessions and above here would complete a base pattern of around +195 pips of implied recovery target. Hourly RSI is building above 40 now and MACD lines are looking to push above neutral. Furthermore, the hourly RSI pulling consistently above 60 would be a positive sign as would MACD lines consistently above neutral. The 23.6% Fibonacci retracement (of the $1.1492/$1.0635 sell-off) comes in at $10837 and adds extra importance to the breakout above $1.0830 resistance. Above here, the hourly chart shows resistance around $1.0950 and then $1.1050.
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