EURUSD reaches key Fibonacci retracement level

By | May 18, 2020
InstaForex
EURUSD reaches key Fibonacci retracement level

Relevance up to 16:00 2020-05-20 UTC–5

EURUSD has held support last week and price bounced higher. Short-term resistance at 1.0880 was broken and price eventually reached the 61.8% Fibonacci retracement level at 1.0925. We are now at a major Fibonacci resistance level with potential to move higher towards 1.0985.

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EURUSD has bounced strongly towards the important Fibonacci retracement. As long as price is above 1.08-1.0790 bulls will feel safe. On the other hand bulls will need to show more signs of strength specially now that price is at key Fibonacci and close to Ichimoku resistance.

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EURUSD has broken above the tenkan-sen and kijun-sen. This implies that a move towards the Kumo at 1.0985-1.0995 area is highly probable to be seen in tomorrow’s session. Trend remains bearish as long as price is below the Kumo.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Alexandros Yfantis,
Analytical expert
InstaForex Group © 2007-2020

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