EUR/USD Price Analysis: Probing key Fibonacci retracement hurdle


  • EUR/USD has retraced 38.2% of the pullback from early January highs. 
  • The pair has trapped in a narrowing price range.

EUR/USD is trading around 1.2166, which is the 38.2% Fibonacci retracement of the decline from 1.2349 to 1.2049. 

The pair has carved out a pennant pattern on the hourly chart. A breakout would validate the bullish crossover of the 50- and 200-hour Simple Moving Averages (SMA) and signal a continuation of the rally from 1.2077, opening the doors for 1.2223 (Jan. 29 high). 

Alternatively, a pennant breakdown would shift risk in favor of a drop to support at 1.2120. 

Hourly chart

Trend: Bullish

Technical levels

EUR/USD

Overview
Today last price 1.2171
Today Daily Change 0.0003
Today Daily Change % 0.02
Today daily open 1.2168
 
Trends
Daily SMA20 1.2198
Daily SMA50 1.2113
Daily SMA100 1.1942
Daily SMA200 1.1641
 
Levels
Previous Daily High 1.219
Previous Daily Low 1.2152
Previous Weekly High 1.219
Previous Weekly Low 1.2054
Previous Monthly High 1.231
Previous Monthly Low 1.1924
Daily Fibonacci 38.2% 1.2166
Daily Fibonacci 61.8% 1.2175
Daily Pivot Point S1 1.215
Daily Pivot Point S2 1.2132
Daily Pivot Point S3 1.2112
Daily Pivot Point R1 1.2188
Daily Pivot Point R2 1.2208
Daily Pivot Point R3 1.2226

 

 

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD stays pressured towards 1.1300 as USD cheers risk-off mood

EUR/USD remains on the back foot near 1.1300, two-week lows. Market sentiment remains sour, as Russia-Ukraine worries join pre-Fed anxiety. The Treasury yields pause four-day downtrend while the dollar stays underpinned amid risk-off trading. US CB Consumer Confidence awaited ahead of the Fed decision.

EUR/USD News

GBP/USD is testing critical hourly support

GBP/USD is holding tight in somewhat bearish territory below 1.35 the figure. Sterling dropped on Monday to its lowest in three weeks versus the US dollar, with traders moving out of risk and into safe havens due to the expectations of Fed tightening and escalating tensions between Russia and Ukraine.

GBP/USD News

Gold approaches $1,848 yearly hurdle as risk sentiment dwindles

Gold holds on to the week-start rebound towards the yearly resistance line, dribbles around $1,842 during early Tuesday morning in Europe. Risk assets remain on the back foot as pre-Fed anxiety joins Russia-led geopolitical risks.

Gold News

Decentraland price not out of the woods yet, MANA bears prepare for 28% decline

Decentraland price could be headed for a further decline as MANA continues to drop toward the bearish target projected by a pessimistic chart pattern. The token is at risk of a 28% plunge toward $1.46 if the 200D SMA fails to act as a reliable foothold.

Read more

Make or break week

It could be a make or break week for the markets, with the Fed meeting on Wednesday, big tech earnings, and ongoing tensions on the Ukraine/Russia border. That may sound a bit over the top given how deep a correction we've already seen.

Read more

Forex MAJORS

Cryptocurrencies

Signatures