The underlying trend for EURUSD is up however the pair is due for a short-term correction after a rally to a high of 1.3966 on Thursday. This level was rejected and the pair has since declined. Support is seen at key Fibonacci retracement levels of the upleg from Feb 27 low (1.3642) to the March 13 high (1.3966). These level are seen at 1.3889 (23.6% Fib), 1.3842 (38.2% Fib) and 1.3804 (50% Fib). A break below the 50% Fib would threaten the underlying bullish trend. Technical studies are currently neutral – RSI is hovering around the 50 – point level.
The underlying trend for EURUSD is up however the pair is due for a short-term correction after a rally to a high of 1.3966 on Thursday. This level was rejected and the pair has since declined. Support is seen at key Fibonacci retracement levels of the upleg from Feb 27 low (1.3642) to the March 13 high (1.3966). These level are seen at 1.3889 (23.6% Fib), 1.3842 (38.2% Fib) and 1.3804 (50% Fib).
A break below the 50% Fib would threaten the underlying bullish trend.
Technical studies are currently neutral – RSI is hovering around the 50 – point level.
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