EURUSD fades bounce off 61.8% Fibonacci retracement of November-January upside as traders eye Congressional testimony of Federal Reserve Chairman Jerome Powell and US Treasury Secretary Janet Yellen. Given the sluggish MACD and the recent US dollar demand, the bears are likely to retake the controls should policymakers hesitate in accepting fears of reflation. In...
200 day SMA and channel bottom support coinciding as shown.
A crucial level hence a bounce or break could be highly decisive in determining the direction of NIFTY in days to come.
For now we are on wait and watch mode.