EURUSD Technical Update: Sellers lean into 61.8% resistance as draw back stress builds | Forexlive

The EURUSD rally stalled simply forward of the 61.8% retracement degree at 1.13781, with the excessive worth reaching 1.1375 earlier than rotating decrease. Sellers stepped in at this key technical degree, and the pair has since dipped again beneath the 100-hour shifting common at 1.13451—a line that had beforehand supported the bullish bias (or no less than stalled the promoting). There have been breaks earlier immediately, however the promoting stalled shortly. Can the sellers preserve the momentum going now..

The renewed transfer decrease opens the door for additional draw back if momentum builds. The subsequent key help is available in on the 50.0% retracement degree at 1.13183. A break beneath that degree would tilt the bias extra clearly in favor of sellers, with deeper help ranges eyed close to the 1.1287 space and the 38.2% retracement at 1.12657.

Key Levels:

• Resistance: 1.13781 (61.8% retracement), 1.14027

• Support: 1.1345 (100-hour MA), 1.13183 (50% retracement), 1.1287 (200-hour MA)

Traders shall be watching to see if sellers can keep stress and push by way of the mid-level retracement zone.