EUR/USD Daily Analysis

The EUR/USD has not surprised traders with a volatile session

by: Colibri Trader

It has been quite a choppy trading environment in the last few trading sessions. It is hard to form a long lasting view on this market, as the pair is ranging between 1.0950 and 1.1185. These are the two key levels that traders have been monitoring in the recent trading sessions.

As can be seen from the chart above, the price has touched the 50% Fibonacci retracement on the daily timeframe and has shown signs of exhaustion. Although slow, we can see the price moving towards the next resistance area at 1.1175. The daily candle is a pin bar, which is lacking the context of an imminent strong resistance area. Therefore, traders would probably ignore the significance of this pin bar. If the 1.1175 area is overtaken, traders will be looking for the 1.1250 area- the 0.618 Fibonacci retracement.

EUR/USD Daily Analysis

For a more detailed view, the 4 Hour chart has been inserted and the key levels pointed out.

 

(Visited 369 time, 1 visit today)