Hello everyone, what are your thoughts on the current situation of EURUSD?
This currency pair is currently trading steadily around 1.070, and the recovery process continues until Friday, making last week completely favorable for buyers.
From the daily chart, the price has reached the sensitive Fibonacci retracement level of 0.618, which is significant at this time. If this pair continues its recovery trend and closes above the range of 0.5 - 0.618, it will form a challenge to the resistance level of 1.088.
However, EURUSD is still trading below the EMA 34 and 89 lines, and the price volatility scenario according to Dow's theory is still quite feasible. In that case, the support level at 1.060 will be an important point of acceptance for this currency pair.
This currency pair is currently trading steadily around 1.070, and the recovery process continues until Friday, making last week completely favorable for buyers.
From the daily chart, the price has reached the sensitive Fibonacci retracement level of 0.618, which is significant at this time. If this pair continues its recovery trend and closes above the range of 0.5 - 0.618, it will form a challenge to the resistance level of 1.088.
However, EURUSD is still trading below the EMA 34 and 89 lines, and the price volatility scenario according to Dow's theory is still quite feasible. In that case, the support level at 1.060 will be an important point of acceptance for this currency pair.
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