There was a notable reversal in the stock market on Wednesday. Have you noticed the reversal chart patterns?
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.
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