EUR/USD is unlikely to stage a steady rebound
|EUR/USD has steadied above 0.9900 following earlier decline. However, the pair remains vulnerable, FXStreet’s Eren Sengezer reports.
EUR/USD has more room on the downside
“Although the trading action is likely to remain muted in the second half of the day, the euro is unlikely to stage a steady rebound.”
“0.9900 (psychological level, static level) aligns as first support on the downside. With a drop below that level, EUR/USD could extend its slide toward 0.9875 (daily low) and 0.9800 (psychological level).”
“On the upside, first resistance is located at 0.9950 (static level) ahead of 0.9975 (20-period SMA, 50-period SMA) and 1.0000 (psychological level, Fibonacci 32.6% retracement of the latest downtrend).”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.