EUR/USD trading near key retracement level
EUR/USD is trading near the 61.8% Fibonacci retracement from the high of 2022 to the low of 2022, near 1.0747. The area also confluences with the bottom trendline of an upward sloping channel that the pair was in until January 3rd.
If price closes above 1.0747, the next resistance isn’t until 1.0937. Above there, price can move to the highs of March 31st at 1.1185.
However, notice that price is diverging with the RSI, an indication of a possible pullback. If price does pull back, support is at the January 6th lows of 1.0482, then the 200 Day Moving Average at 1.0310. If EUR/USD breaks below the key moving average, the next support is at the highs from October 27th at 1.0094.
If price closes above 1.0747, the next resistance isn’t until 1.0937. Above there, price can move to the highs of March 31st at 1.1185.
However, notice that price is diverging with the RSI, an indication of a possible pullback. If price does pull back, support is at the January 6th lows of 1.0482, then the 200 Day Moving Average at 1.0310. If EUR/USD breaks below the key moving average, the next support is at the highs from October 27th at 1.0094.
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