EUR/USD Technical Overview:
On the weekly chart of the EUR/USD, the technical outlook is positive. It finds some comfort just north of the support level at $1.0888. Technically, the weekly chart of the EUR/USD shows the pair in an early stage of an upward trend after making a higher high last week at $1.1076. The gate is now open for a move to the resistance level at $1.1174.
The daily timeframe shows a similar picture. The pair has slowly risen after retesting the 200-day moving average, which was breached at $1.0759. Resistance is at $1.1138. Support is only around the SMA. The recent upward movement seems to have pushed it back. римание Local support is important.
In a more short-term perspective, the H1 timeframe shows an interesting Fibonacci area of resistance north of $1.10. (This is comprised of two Fibonacci ratios of 1.272% around $1.1013 [many Harmonic players may recognise these ratios as ‘alternate’ AB=CD patterns] Fibonacci Retracement at 1,1013). Therefore, any whipsaw motion north of the psychological level could see active sellers emerge from $1.1013ish as sellers attempt to take advantage of buy-stops that will be filled above $1.10 (commonly referred to as a ‘stop run’). To the…