EURUSD 1.11? - It's from reality

30 ביוני 2020

A closer look at Euro price action sees EUR/USD trading within a near-term descending pitchfork formation with the recent sell-off rebounding today off near-term confluence Fibonacci support at 1.1187/91- looking for a larger reaction off this threshold. A close below 1.1167 is needed to keep the short-bias viable with subsequent support objectives eyed at the monthly open at 1.1115 and the 100% extension at 1.1094. Look for soft resistance near the December highs at 1.1239 with a breach above trendline resistance / the weekly opening-range highs at 1.1288 needed to shift the focus higher.