EURUSD above key fib level

20 mai 2017

From the daily technical standpoint, EURO’s resiliency is unmatched presently. The weekly bearish outside range left two weeks ago on the back of Emmanuel Macron’s France presidential victory was a classic bear trap. But for our ardent readers, the bullish move wasn’t a surprise as we consistently updated our previous piece. Going forward, we expect the EURO to be supported on dips. Presently, price closed above the 61.8% Fib level of the 1.1461 high to the low of 1.0340. On dips, 1.1130 should provide some base for the next leg higher towards 1.1342 (78.6% Fib as shown in the chart above). Only a breach of 1.1100 will bring a deeper correction.