Following the rebound from the monthly support at US$1.1457, overhead resistance calls for attention between US$1.2028 and US$1.1930 (with the lower boundary reinforced by an AB=CD bearish pattern). This means that, at least as of writing, technical studies suggest medium-term outperformance for the EUR/USD (euro versus the US dollar) until the unit reaches the noted resistance zone.
In light of this potential upside, the H4 chart shows a possible AB=CD support area between a 100% projection ratio of US$1.1608 and a 1.272% Fibonacci projection ratio of US$1.1580 to be watchful of.
Written by FP Markets Chief Market Analyst Aaron Hill
In light of this potential upside, the H4 chart shows a possible AB=CD support area between a 100% projection ratio of US$1.1608 and a 1.272% Fibonacci projection ratio of US$1.1580 to be watchful of.
Written by FP Markets Chief Market Analyst Aaron Hill
Note
Thanks to Fed Chair Powell's dovish take on Friday, the H4 AB=CD support zone held beautifully!AH
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.