EUR/USD Price Analysis: 61.8% Fib hurdle is again capping gains

EUR/USD''s recovery from September lows has paused at a key Fibonacci hurdle.
A breakout will likely accelerate the rally toward 1.20.

Omkar Godbole FXStreet Contributor

The EUR/USD bulls are having a tough time breaching a key Fibonacci hurdle for the fourth straight trading day.

The pair is currently trading largely unchanged on the day near 1.1850, having faced rejection at 1.1859 an hour ago.

That level marks the 61.8% Fibonacci retracement of the sell-off from 1.2011 to 1.1612. The Fibonacci hurdle has been capping upside since Wednesday.

The daily chart relative strength index and the MACD histogram are biased bullish and favor a continuation of the rally from September's low of 1.1612.

As such, the pair could find acceptance above the Fibonacci level, exposing the psychological resistance of 1.20. On the downside, 1.1787 – the low of Friday's long-tailed candle – is the level to beat for the bears.

Daily chart

Trend: Bullish

Technical levels

EUR/USD

Overview
Today last price	1.1848
Today Daily Change	-0.0014
Today Daily Change %	-0.12
Today daily open	1.1862

Trends
Daily SMA20	1.1766
Daily SMA50	1.1798
Daily SMA100	1.1633
Daily SMA200	1.1299

Levels
Previous Daily High	1.1865
Previous Daily Low	1.1787
Previous Weekly High	1.1881
Previous Weekly Low	1.1703
Previous Monthly High	1.2011
Previous Monthly Low	1.1612
Daily Fibonacci 38.2%	1.1835
Daily Fibonacci 61.8%	1.1817
Daily Pivot Point S1	1.1811
Daily Pivot Point S2	1.176
Daily Pivot Point S3	1.1733
Daily Pivot Point R1	1.1889
Daily Pivot Point R2	1.1916
Daily Pivot Point R3	1.1967

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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