Will EUR/USD Break the Range?
EUR/USD remains in the six-week range of 1.0516 – 1.1096 after failing to meaningfully challenge the topside last week.
The run higher barely eclipsed the 78.6% Fibonacci Retracement of the move from 1.1096 down to 1.0635 at 1.0997 when it peaked at 1.1012. Those levels may continue to offer resistance ahead of a series of potential resistance levels in the 1.1076 – 1.1096 area.
Nearby support could be at the recent low of 1.0844, which is just above the breakpoint of 1.0831.
Further to the downside, there are a series of Fibonacci Retracement levels of the move from 1.0635 up to 1.1012 that might provide support. The 50% Retracement level is at 1.0824, the 61.8% at 1.0779 and 78.6% is at 1.0716.
The late May low of 1.0635 was only a fraction below the 78.6% Fibonacci Retracement of the move from 1.0516 to 1.1096 at 1.0640. This could make the 1.0635-40 area a possible support zone ahead of the prior lows at 1.0525, 1.0516, 1.0483 and 1.0443.
EURUSD BUY 1.0960 - 1.0957 💯💯
✅ TP1 1.1000
✅ TP2 1.1050
🛑 SL 1.0920
The run higher barely eclipsed the 78.6% Fibonacci Retracement of the move from 1.1096 down to 1.0635 at 1.0997 when it peaked at 1.1012. Those levels may continue to offer resistance ahead of a series of potential resistance levels in the 1.1076 – 1.1096 area.
Nearby support could be at the recent low of 1.0844, which is just above the breakpoint of 1.0831.
Further to the downside, there are a series of Fibonacci Retracement levels of the move from 1.0635 up to 1.1012 that might provide support. The 50% Retracement level is at 1.0824, the 61.8% at 1.0779 and 78.6% is at 1.0716.
The late May low of 1.0635 was only a fraction below the 78.6% Fibonacci Retracement of the move from 1.0516 to 1.1096 at 1.0640. This could make the 1.0635-40 area a possible support zone ahead of the prior lows at 1.0525, 1.0516, 1.0483 and 1.0443.
EURUSD BUY 1.0960 - 1.0957 💯💯✅ TP1 1.1000
✅ TP2 1.1050
🛑 SL 1.0920
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