Sun, Oct 17, 2021 @ 02:51 GMT
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EUR/USD Analysis: Breaks 100% Fibonacci Retracement Level

Contrary to expectations, the currency pair broke through the combined support set up by the 100% Fibonacci retracement level at 1.1715 and the updated weekly S1 at 1.1710.

The reason behind such deep immersion was based on several reasons, such the Catalan referendum and a release of better than expected data on the US manufacturing activity.

There is a small chance that the Euro will manage to restore some positions against the Dollar.

However, the average market sentiment remains 58% bearish. In addition to that, now traders can rely on the above technical barriers, as a resistance to push the rate towards the 1.17 mark.

By the way, from the south the rate does not face any notable obstacles up until the monthly S1 at 1.1658.

Dukascopy Swiss FX Grouphttp://www.dukascopy.com/
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.

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