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Technical Analysis: EURUSD bounces off 100-day SMA amid US-China trade tension

Although the US President Donald Trump's announcement of nearness to signing the phase-one initially extended the EURUSD pair's previous downpour, the quote recently bounced off 100-day SMA as China warns the US to stay out of internal matters. The quote may now rise to 1.1100 round-figure ahead of confronting 23.6% Fibonacci retracement of October-December upside, at 1.1125. Should prices stay positive beyond 1.1125, 1.1175/80 and 1.1200 will be on the bull's radar.

Meanwhile, a daily closing below 100-day SMA level of 1.1060 can fetch the quote to an ascending trend line since early-October, at 1.1015. During the quote's extended weakness under 1.1015, 61.8% Fibonacci retracement of 1.10000 becomes the key to watch as it holds the gate for pair's likely drop to 1.0940.

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