EUR/USD: Prospects for additional gains
|The EUR/USD pair saw an overnight sustained move above the 23.6% Fibonacci level of the 1.1497-1.0636 recent slump supports prospects for additional gains, Haresh Menghani from FXStreet reports.
Key quotes
“Any subsequent positive move is likely to confront a stiff resistance near the 1.0965-70 region, marking 38.2% Fibo. level. This is closely followed by 50-day SMA, just ahead of the key 1.10 psychological mark, which should now act as a key pivotal point for short-term traders.”
“Immediate support is now pegged near the 1.0875 horizontal zone ahead of the 1.0840 level (23.6% Fibo.). Failure to defend the said support levels might offset the near-term positive outlook, rather prompt some technical selling and drag the pair back towards the 1.0800 round-figure mark.”
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.