Thu, Mar 23, 2023 @ 18:33 GMT
HomeContributorsTechnical AnalysisEUR/USD Analysis: Trades Near 1.0650 Mark

EUR/USD Analysis: Trades Near 1.0650 Mark

‘France’s presidential race enters its final stretch with no clear winner in sight as the main contenders scrap for votes in a flurry of campaign rallies.’ – Geraldine Amiel and Vidya Root, Bloomberg

Pair’s Outlook

On Tuesday morning the common European currency fluctuated against the US Dollar just above the 23.60% Fibonacci retracement level, which is located at the 1.0639 level. The rate had retreated to the retracement level due to bouncing off from the resistance put up by the weekly R1, which is located at the 1.0672 level. It is most likely that the currency exchange rate will rebound against the Fibonacci retracement level and continue on its path higher. However, the strong resistance cluster just above it, near the 1.0680 mark, will hinder the rates surge.

Traders’ Sentiment

Traders are almost neutral, as 51% of open positions are long. Meanwhile, 55% of set up orders are to sell the Euro.

Dukascopy Swiss FX Group
Dukascopy Swiss FX Group
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

Featured Analysis

Learn Forex Trading