EUR/USD seems too oversold to resume its drop, so we may have a temporary rebound. The DXY seems overbought after reaching the 61.8% retracement level. Technically, the pair has developed a potentially bullish signal, but we still need confirmation.
Technically, a rebound is natural after the last massive drop. The Euro-zone Current Account and the German PPI have come in better than expected earlier supporting the Euro.
EUR/USD H4 Technical Analysis!
EUR/USD dropped as much as 1.1885 today where it has found support. Its false breakdown with great separation below the S3 (1.1888) signaled a potential rebound. Now is pressuring the 61.8% retracement level which represents a static resistance.
Jumping and stabilizing above this level followed by a new higher high could really indicate a temporary growth.
Conclusion!
EUR/USD has rebounded but is still located under the 61.8% obstacle. Passing above this level could bring more gains.
Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
- Broker
- Min Deposit
- Score
- Visit Broker
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
- Fund Moneta Markets account with a minimum of $250
- Opt in using the form to claim your 50% deposit bonus
Learn to Trade
Never Miss A Trade Again
Signal Notification
Real-time signal notifications whenever a signal is opened, closes or Updated
Get Alerts
Immediate alerts to your email and mobile phone.
Entry Price Levels
Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.
