Key EUR/USD Fibonacci Resistance Level - Forex News by FX Leaders
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Key EUR/USD Fibonacci Resistance Level

Posted Tuesday, July 30, 2019 by
Shain Vernier • 1 min read

This has been a tight FED Week on the forex, with daily ranges being moderate across the majors. Some of the most muted conditions have been evident in the EUR/USD, with trading ranges shrinking as the week has progressed. However, there is a Fibonacci resistance level on the immediate horizon worth being aware of. Let’s dig into the technical outlook and see if a trading opportunity may be in the offing.


Daily Fibonacci Resistance On The Horizon For The EUR/USD

Following the bearish plunge of early last week, the EUR/USD has traded in a sideways “L” formation. This is a strong signal that neither the bulls nor bears are getting the upper hand in the pre-FED action. For the past several sessions, trading conditions have rotated near the 1.1150 area.

EUR/USD, Daily Chart
EUR/USD, Daily Chart

Here are the levels to watch for the EUR/USD as we roll into tomorrow’s much-anticipated FOMC Meeting:

  • Resistance(1): 38% Current Wave, 1.1169
  • Support(1): Swing Low, 1.1101

Bottom Line: The prevailing daily trend in EUR/USD is bearish and intact. Accordingly, joining the action on the short side from the daily 38% Current Wave Fibonacci Retracement isn’t a bad market entry.

As long as the Swing Low (1.1101) remains the current low extreme, I will have sell orders in queue from 1.1164. With an initial stop at 1.1204, this trade produces 30 pips on bearish rotation back to the 1.1130 value area.

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About the author

Shain Vernier // US Analyst
Shain Vernier has spent over 7 years in the market as a professional futures, options and forex trader. He holds a B.Sc. in Business Finance from the University of Montana. Shain's career includes stretches with several proprietary trading firms in addition to actively managing his own accounts. Before joining FX Leaders, he worked as a market analyst and financial writer.
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