Blog post

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.

Join us on FB and Twitter to stay updated on the latest market events.

Our awards

award1 award2 award3 award4