​Chart Of The Day: EURUSD traders shouldn't miss out on 1.1220/30 resistance confluence

Mon, 12 Aug 2019 13:33

EURUSDH4_12082019.png

Despite being firm above 38.2% Fibonacci retracement of June – August downpour, EURUSD needs to cross 1.1220/30 resistance-area, including 4H 200MA and a seven-week long descending trend-line, in order to justify its strength towards targeting 1.1250 and 61.8% Fibonacci retracement near 1.1265. In a case where prices rally past-1.1265, 1.1285, 1.1315 and 1.1345 are likely following numbers to appear on the chart.

On the downside, 38.2% Fibonacci retracement level of 1.1173 and 1.1160 can limit the pair's near-term declines, a break of which highlights the importance of 23.6% Fibonacci retracement level of 1.1120. It should also be noted that pair's extended south-run under 1.1120 can recall early-month low near 1.1030.

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