REDATOR Ben Graham Posted February 12 REDATOR Report Share Posted February 12 The euro is trading around 1.1875 below the 21 SMA and retreating after three attempts to break through the 50% Fibonacci retracement around 1.1920.Yesterday, during the US session, we saw a sharp fall in the euro, reaching a low of 1.1837. Since then, there has been a technical rebound, but EUR/USD could struggle to recover some of its losses and is expected to resume its downward cycle.A break above the 50% Fibonacci level could push the euro to reach 61.8%, which in turn coincides with the 6/8 Murray, representing strong resistance for the euro around 1.1962. If bullish momentum is maintained, EUR/USD could reach the psychological 1.2000 level.If the euro struggles to continue rising above 61.8%, it could be seen as an opportunity to open short positions, with targets at the 4/8 Murray located at 1.1782 and finally at the 3/8 Murray around 1.1596.If the euro fails to consolidate above the 21 SMA, it will be seen as a signal to sell from current price levels, with short-term targets around the 200 EMA located at 1.1789.The material has been provided by InstaForex Company - www.instaforex.com Perfect! Thanks! Love it! Haha Confused :/ Oush! Wow! Liked! × 💬 Did you like this content? Your feedback is very important! Liked! Perfect! Thanks! Love it! Haha Confused :/ Oush! Wow! Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.