There' a "V-Top" pattern, so the pair is likely going to test the closest support at 1.3996 - 1.3979. Meanwhile, if a pullback...
EUR/USD targeting levels above 1.19
EUR/USD has made a rebound on a key demand zone for buyers in the short-term. The 50% Fibonacci retracement level is acting as a pivotal area and if the 200 SMA at H1 chart holds as well, we might expect further rallies toward the resistance level of 1.1980, at which lies the -23.6% Fibonacci retracement level. To the downside, we expect a strong support around 1.1717 (65%) and 1.1676 (78.6%).
RSI indicator remains in the neutral territory, calling for sideways moves in coming hours.
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
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…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.