Chart Of The Day: EURUSD May Struggle To Extend Recent Recovery

Wed, 13 Mar 2019 12:11

While oversold RSI on H4 and recent weakness in the U.S. data-points triggered the EURUSD's pullback, the currency pair is less likely to maintain its strength as soft RSI pickup and 1.1315-20 horizontal-region could challenge recent recovery. In case prices rally post-1.1320, 50% Fibo level near 1.1375 and nine-week long descending trend-line, at 1.1385, could restrict further upside. Failure to turn Bulls down around 1.1385 should reprint 1.1420 on the chart.

Meanwhile, 1.1250 and 1.1215 can act as immediate supports prior to highlighting 1.1200 round-figure and the recent lows around 1.1175. Assuming the pair's extended decline under 1.1175, 61.8% FE level of 1.1150 might become Bears' favourite.

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