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.
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