EUR/USD pair holds on the last week’s strong gains to the highest level in nearly three weeks.
Technical settings are in favor of bulls and supports additional gains.
Weakness may pave the support of 1,0465 support area in order to record deeper losses.
The Euro/US/USD pair faces difficulty in order to benefit from his gains registered over the past four days and fluctuates within a narrow price trading scope, lower with a little psychological barrier for the 1.0500 region during the Asian session on Monday. However, immediate prices remain close to its highest levels in nearly three weeks recorded on Friday against the background of the weaker USD.
From a technical perspective, acceptance over the levels of Fibonacci correction 38.2% to the decline from November to January and positive oscillator indicators on the daily graph is in favor of bulls. Consequently, the subsequent force towards the meeting of the meeting area is 1.0545-1.0555, which includes the levels of Fibonacci correction 50% and the SIA moving average 100 days, looks like a clear possibility.
Some continuity in the subsequent purchases should pave the way for additional gains and helps the Euro/USD pair to restore the 1.0600 area barrier. Immediate prices may then rise to the highest levels of December 2024, around the 1.0630 region, which is located near the 61.8%Fibonacci correction levels. The sustainable power over this last region will pave the way for the extension of the last bounce from the lowest levels in more than two years registered in January.
On the other hand, the Fibonacci correction levels appear 38.2%, around the 1.0465 region, now protecting from immediate decrease. The disintegrated fracture may be below this last region to push the Euro/USD pair to decrease towards the 1.0400 region barrier, on the way to the middle of the 1.0300 regions (Fibonacci correction levels 23.6%). Failure to defend the aforementioned support levels may convert bias in favor of bears and target the 1.0200 region barrier.
Daily chart for Euro’s pair/dollars EUR/USD
Common questions about the euro
2025-02-17 06:34:00