EUR/USD is Bouncing off Support – 50% Fibo Level Eyed

With the Good Friday and Easter holiday, we don’t have very many potential market-moving economic events to throw on the watchlist....


With the Good Friday and Easter holiday, we don’t have many potential market-moving economic events on the watchlist. Therefore, the technical patterns and new catalysts from Europe make EUR/USD the pair to trade for the session.

On Thursday, EUR/USD spiked lower due to another disappointing round of PMI updates from Europe. On the one hour chart below, we can see that this behavior broke a pattern.

The direct currency pair is now facing support of around $1.1220. The closing of Doji candle right next to strong selling candle is suggesting that the sellers are exhausted now and the bulls may enter the market to buy an oversold currency pair.

The pair might face immediate resistance at $1.1245 (23.6% retracement level) and $1.1265 (50% Fibo level).

EUR/USD – Technical Levels
Support Resistance
1.1205 1.1283
1.1176 1.1333
1.1098 1.1411
Key Trading Level: 1.1254

Be careful with your trades today as the market shows thin volatility as most of the traders remain off on Good Friday.

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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