EUR/USD Technical Analysis: retreats to retest an important resistance break-point
|• Retreats from 50% Fibonacci retracement level of the post-ECB slide to retest a resistance break-point turned support.
• A sustained move above the 1.1675-80 region would be needed for the pair to continued with its overnight recovery move from YTD lows.
• Weakness below the resistance turned support, and a subsequent break below the 1.1600 handle (nearing 23.6% Fibonacci retracement level) would negate prospects of any further recovery.
Spot Rate: 1.1646
Daily Low: 1.1598
Daily High: 1.1675
Trend: Bullish only until holds above 1.1600 handle
Resistance
R1: 1.1675 (current day high)
R2: 1.1708 (R2 daily pivot-point)
R3: 1.1733 (200-period SMA H4)
Support
S1: 1.1630 (resistance break-point)
S2: 1.1599 (5-day SMA)
S3: 1.1582 (daily pivot-point)
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