EUR/USD is Bouncing off Support - 50% Fibo Level Eyed - Forex News by FX Leaders

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

Posted Friday, April 19, 2019 by
Arslan Butt • 1 min read

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.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies

About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
Related Articles
Comments

Leave a Reply

avatar
  Subscribe  
Notify of