EUR/USD forecast: The ongoing corrective bounce remains at the mercy of USD price dynamics
From a technical perspective, the pair has managed to find acceptance above 23.6% Fibo. level of the 1.1412-1.1027 recent downfall and hence, seems poised to extend recovery momentum. Immediate resistance is pegged near the 1.1155 horizontal resistance, which is closely followed by the 1.1175-80 supply zone and the 1.1200 round figure mark. A follow-through recovery has the potential to lift the pair further beyond 50% Fibo. level towards challenging 100-day EMA – around the 1.1245-50 region.
Trading Central – EURUSD
Preference scenario: Long positions above 1.1095 with targets at 1.1160 and 1.1200 in extension.
Alternative scenario: Below 1.1095, look for further downside with 1.1080 and 1.1070 as targets
USD/JPY may fall all the way to 104.80 – Confluence Detector
USD/JPY has been on the back foot as trade have been intensifying and the yen enjoys safe-haven demand. What levels should we watch?
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