18 Mar 2019
EUR/USD Technical Analysis: Bulls looking for a test through the 78.6% Fibo and channel resistance
- EUR/USD has ranged between 1.1300 and 1.1345 of late, although on a wider perspective, the 50% Fibo of the latest swing high to low, located in the 1.2980s has been a support structure that if broken could give way to the 1.1230s - 23.5% Fibo of the same range between 1.1420 and 1.1180.
- On the upside, bulls can look for a test of the 1.14 handle on a break of 1.1370 and the 78.6% fibo (confluence with the 20th Feb highs). However, the decision trendline at that juncture could be problematic and spark a bearish move back in line within the descending channel - making for fresh lows for the month of April.
