EUR/USD Technical Analysis: Seesaws around 61.8% Fibo. amid bullish MACD
|- EUR/USD stays below 200-bar SMA.
- A downside break could recall October 08 low.
- 38.2% Fibonacci retracement adds to the resistance.
Despite staying below 200-bar Simple Moving Average (SMA), EUR/USD bounces off 61.8% Fibonacci retracement of its October month upside while taking rounds to 1.1006 during early Thursday.
Favoring the price pullback is a bullish signal from 12-bar Moving Average Convergence and Divergence (MACD).
However, bulls are likely to wait for an upside break of 200-bar SMA, at 1.1058 now, followed by 38.2% Fibonacci retracement and late-October lows surrounding 1.1065/75, to target 1.1100 mark.
In a case where prices keep trading southwards and break 1.0994 level of 61.8% Fibonacci retracement, October 08 low near 1.0940 and the previous month bottom around 1.0880 will be the bears’ favorites.
EUR/USD 4-hour chart
Trend: Bearish
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.