EUR/USD Fibonacci long-term view: going towards 1.2160?

EUR/USD Fibonacci long-term view: going towards 1.2160?

The rally in the EUR/USD could be unstoppable in a mid-term view, as the pair needs to do another leg higher before to being offered by the sellers. The weekly chart is showing that the common pair is near to reach the 200 SMA, but that coincides with the 38.2% Fibonacci retracement level. If that zone gives up, the pair could rally towards 1.2161 (50%) and there it could resume the bearish bias.

Our long-term outlook is calling for a decline that could go towards the -23.6% Fibonacci retracement area of 0.9468 level. However, such idea could get invalidated if the EUR/USD pair breaks above the 1.2592 zone (61.8% Fibonacci level). For the short-term, the pair could enter in a consolidation phase between the 1.1800 and 1.1500 levels.



EUR/USD: euro going lower

Narrowing irregular bullish Ichimoku Cloud with falling Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen with falling Tenkan-sen; the market are in the negative area and made the new lows.

EUR/USD inside a key support area

The EUR/USD pair was smashed during Friday’s session amid a strong USD across the board, helping to push the pair towards the Fibonacci zone of 65% at 1…


Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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