EUR/USD Nearing Range Support
EUR/USD sold off last week after FOMC and this pushed the pair back-below the 200-day moving average.
The big question now is whether bears can push a test of range support, which was last in-play in mid-April when the 38.2% Fibonacci retracement of the 2021-2022 trend caught support. The 50% of that same Fibonacci setup had helped to set resistance in March at 1.0943, and that test took place over a three-week-period with sellers ultimately taking control.
The range support zone was in-play twice last year, and this can be tracked down to the 1.0500 psychological level.
- JS
The big question now is whether bears can push a test of range support, which was last in-play in mid-April when the 38.2% Fibonacci retracement of the 2021-2022 trend caught support. The 50% of that same Fibonacci setup had helped to set resistance in March at 1.0943, and that test took place over a three-week-period with sellers ultimately taking control.
The range support zone was in-play twice last year, and this can be tracked down to the 1.0500 psychological level.
- JS
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