Chart Of The Day: EURUSD needs to conquer 1.1260-65 horizontal-area to aim for 61.8% Fibo.

Tue, 14 May 2019 13:48

Despite its gradual recovery since early-month, the EURUSD still fails to surpass 1.1260-65 horizontal-resistance, which in-turn signal weakness that drag can drag the quote back to short-term ascending trend-line at 1.1200 now. Should prices slip under 1.1200, 1.1135 and April low near 1.1110 can please sellers, if not then 61.8% FE level of 1.1055 could be on their radars.

Meanwhile, an upside clearance of 1.1265 can escalate the pair's recovery towards 61.8% Fibonacci retracement level of 1.1325. Also, a sustained break of 1.1325 might further push the rise in the direction to 1.1355, 1.1380 and then to the March month high near 1.1450.

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