Wed, Mar 29, 2023 @ 13:14 GMT
HomeContributorsTechnical AnalysisEURUSD Analysis: Reaches 38.2% Fibo At 1.1760

EURUSD Analysis: Reaches 38.2% Fibo At 1.1760

In result of the previous trading session the currency exchange rate has expectedly reached the 38.2% Fibonacci retracement level located at 1.1760. As the pair is also moving in a junior falling wedge formation, a breakout in northern direction is expected to happen. This projection is additionally supported by the fact that the above retracement level coincides with the bottom boundary of a larger descending channel. If the breakout happens, the surge is likely to last until the currency rate will reach the 55-hour SMA or the monthly PP at 1.1807. However, a release of better than expected US employment data might alter this scenario and push the rate straight to alleged support zone located between the 1.1730 and 1.1720 marks.

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.

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