The below is the daily chart of the EURUSD. The EUR has strengthened off of the split between the ECB voting members and weakness in the greenback following the weak manufacturing and non-manufacturing PMI numbers. However, the leg may be corrective in nature. To this end, price has retraced 61.8% of the previous impulse move down. This Fibonacci level often acts price as resistance. We also note that the RSI has approached the relative overbought level (green rectangle). We continue to monitor.

Past performance is not an indicator of future results.

CHART SOURCE: FXCM MARKETSCOPE 2.0

EURUSD

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