Within the textual content from the kickstart submit launched earlier at this time, I famous:
EUR/USD: The pair moved decrease within the early Asian session however discovered help from consumers inside a key swing space and the 61.8% retracement of the transfer down from the December excessive, between 1.0448 and 1.0461. Consumers regained management, pushing the worth again to Friday’s excessive at 1.05207. A break above that stage focused the swing space between 1.0532 and 1.0543.
Subsequently, the EUR/USD did transfer increased, discovering resistance on the outlined swing space. The excessive reached 1.05325, the place sellers emerged, and the worth has since retraced towards the 1.0500 stage.
Key ranges to observe:
- On the draw back: A break under 1.0500 with momentum may see the worth rotate again towards the important thing swing space at 1.0448–1.0461, as consumers and sellers proceed to “ping-pong” between ranges.
- On the upside: Holding above the pure help at 1.0500 may result in a rotation again towards the upper targets, with resistance round 1.0532–1.0543.
Merchants ought to look ahead to momentum at these important ranges to information the following directional transfer.
