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