EUR/USD technical analysis: Support forming at the 61.8% golden ratio Fibonacci area

EUR/USD is trading 0.09% lower today just under the 1.10 psychological support.
Measuring the last impulse wave higher the price has now found some support at the 61.8 Fibonacci zone.

Rajan Dhall, MSTA FX Daily

EUR/USD Daily Chart

EUR/USD has been on the decline over the last couple of sessions but has been under pressure since 4th November.

The 61.8% Fibonacci level holds just under the 1.10 psychological support at 1.0995.

It is not shown on the chart but if this is the start of a wave 1 and 2 Elliot wave move higher then the next Fibonacci level 76.4% is at 1.0950.

If both the support levels get taken out then the main support low will become the low on the chart of 1.0879.

From a candlestick perspective, yesterday's candle was a Doji. This shows significant indecision and the high stands at 1.1020.

If this gets taken out we could have a bullish scenario.

Additional Levels

EUR/USD

Overview
Today last price	1.0999
Today Daily Change	-0.0009
Today Daily Change %	-0.08
Today daily open	1.1008

Trends
Daily SMA20	1.1098
Daily SMA50	1.1042
Daily SMA100	1.1104
Daily SMA200	1.1183

Levels
Previous Daily High	1.1022
Previous Daily Low	1.0995
Previous Weekly High	1.1176
Previous Weekly Low	1.1016
Previous Monthly High	1.118
Previous Monthly Low	1.0879
Daily Fibonacci 38.2%	1.1005
Daily Fibonacci 61.8%	1.1011
Daily Pivot Point S1	1.0995
Daily Pivot Point S2	1.0982
Daily Pivot Point S3	1.0969
Daily Pivot Point R1	1.1021
Daily Pivot Point R2	1.1035
Daily Pivot Point R3	1.1048

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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