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Technical analysis for EUR/USD

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EUR/USD found support at 1.1845 and is currently trading just below the 61.8% Fibonacci retracement of the March-May advance at 1.1920. Below 1.1845 support lies at 1.1820 (78.6% Fibo) and 1.1765 (88.6% Fibonacci, support line connecting 2020 and 2021 lows, 100-month MA).

EURUSDDaily.png

The pattern on the h4 looks like an ‘Inverted Head and Shoulders’. A break above 1.1920 will open the way up to 1.1985. Alternatively, we need to see a decline below 1.1880 for selling with 1.1850 as a target.  

EURUSDH4.png

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FBS Analyst Team

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