Chart Of The Day: 4H 50MA confines EURUSD’s immediate upside

Thu, 05 Sep 2019 13:46

With the renewed optimism surrounding the US-China trade deal helping the US Dollar (USD) regain its losses, EURUSD steps back from 50-bar moving average on the four-hour chart (4H 50MA). As a result, sellers are targeting 23.6% Fibonacci retracement level of 1.1010 and 1.0950 rest points ahead of looking at the latest low near 1.0925.

Should buyers manage to rise above 1.1040, the 1.1100/05 area including three-week-old falling trend-line and 50% Fibonacci retracement gains market attention. It should additionally be noted that pair's run-up beyond 4H 200MA level near 1.1120 validates the return of 1.1165 and 1.1200 mark on the chart.

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