EUR/USD started trading around US time. 38.2% retracement level The rate of decline from the November high is 1.05628. After the initial reversal to the upside, the pair moved up towards the swing area between. 1.05926 and 1.06097reach the peak 1.05937 before the seller regains control. The resistance level was solid and the price subsequently fell.
The focus shifts again. 38.2% retracement in 1.05628 as a primary support level. Below this level, 100 hour and 200 hour moving averageboth are nearby 1.0543get into play. Further decline is 100 bar moving average On the 4 hour chart, 1.0531.
A breakout of these levels could create further downside momentum and open the door for further downside exploration.
For now, buyers and sellers are respecting key support and resistance levels, setting the stage for a potential breakout move. Until then, trading within these levels remains the focus.
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EURUSD Technical Cheat Sheet
EUR/USD technical analysis
Market overview
The EUR/USD pair opened US trading near the retracement level, a 38.2% decline from the November high. After an initial reversal to the upside, the pair peaked at 1.05937 before sellers regained control and the price retreated.
Major technical level
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38.2% retracement: 1.05628
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Swing area resistance: 1.05926-1.06097
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100 hour moving average: 1.0543
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200 hour moving average: 1.0543
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100 bar MA (4 hour chart): 1.0531
market sentiment
Impact on trade
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Purchaser: Price should hold above the 38.2% retracement level and aim for a break above the resistance in the swing area.
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Seller: It will defend the resistance in the swing area and try to push the price below the 38.2% retracement level to gain control.
