EUR/USD needs to clear stiff resistance at 1.0370 to extend its rally

EUR/USD has reclaimed 1.0300 following a downward correction. As FXStreet’s Eren Sengezer notes, buyers could remain interested in case the pair clears 1.0370.

Euro faces stiff resistance at 1.0370

“1.0370 (Fibonacci 61.8% retracement of the latest downtrend, Aug. 10 high) aligns as key resistance. In case this level turns into support, EUR/USD could target 1.0400 (psychological level) and 1.0450 (static level).”

“On the downside, 1.0300 (psychological level, Fibonacci 50% retracement) aligns as interim support ahead of 1.0230 (Fibonacci 38.2% retracement, 200-period SMA on the four-hour chart) and 1.0200 (psychological level, 100-period SMA).”