EUR/USD hovering around a strong demand zone

EUR/USD hovering around a strong demand zone

EUR/USD has started a bearish correccion following a strong resistance found at the 1.2396 level and currently, it’s trading around the 200 SMA at H1 chart, which also coincides with the 200 SMA. A swing low formation could happen around that area and eventually a rebound could put the pair on its way to reach the -23.6% Fibonacci level at 1.2439. To the downside, a strong support lies at the 1.2253 level, where is located the Fibonacci zone of 78.6%.

RSI indicator stays in the oversold territory, favoring to the aforementioned rebound.



Latest news

GBP/USD: confirmed "Thorn" pattern

The last "Pennant" pattern has been broken, so bulls found resistance at 1.2915. Nevertheless, the market is likely going to move on, so we should...


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