- EUR/USD''s recovery from September lows has paused at a key Fibonacci hurdle.
- A breakout will likely accelerate the rally toward 1.20.
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.
|Today last price||1.1848|
|Today Daily Change||-0.0014|
|Today Daily Change %||-0.12|
|Today daily open||1.1862|
|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|
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.