- Analytics
- News and Tools
- Market News
- EUR/USD Price Analysis: Bears on the prowl below key 61.8% Fibo
EUR/USD Price Analysis: Bears on the prowl below key 61.8% Fibo
- EUR/USD bulls eye a run through a key 61.8% Fibo while bears eye a break of structure.
- 0.9860 is a key hurdle for the bears that is yet to give out.
EUR/USD has been attempting to break to the upside but failures have seen the pair stuck within familiar ranges in a short squeeze towards 1.0090. The US dollar has been a performer at the start of the week but is yet to seriously dent the structure of the market while above 0.9860 support vs. the euro. The following illustrates the prospects of a breakout one way or the other in the build-up to the Federal Reserve this week.
EUR/USD daily charts
The price has carved out an M-formation within the symmetrical triangle which leaves bias to the downside so long as the neckline of the M-formation holds over the coming sessions:
A break above the 61.8% Fibonacci, on the other hand, could be a sign of strength from the bulls and would leave the prospects of an upside breakout back on the cards. A target of 1.0090 and then 1.0190 would be a compelling feature should these levels also give out. On the downside, bears will be in control o a break of the 0.9540s.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
