Confluence Watch: Active EUR/USD Resistance

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From a technical standpoint, the EUR/USD exchange rate has spent the last few days meandering around resistance on the daily timeframe.

With the trend leaning in favour of sellers, resistance is seen between $1.0753 and $1.0726, made up of the following technical tools:

• Horizontal resistance at $1.0739.

• Quasimodo-support-turned-resistance at $1.0726.

• Ascending support-turned-resistance line, taken from the low of $1.0695.

• 1.618% Fibonacci projection ratio at $1.0753 (this is also referred to as an ‘alternate’ AB=CD bearish formation).

• 38.2% Fibonacci retracement ratio at $1.0749.

• 50.0% retracement ratio at $1.0743.

The above components, combined with the downtrend, suggest that sellers may eventually emerge from the noted support zone, targeting year-to-date lows of $1.0601, followed by longer-term monthly support from $1.0516.



注释
Quick update - EUR/USD sold off nicely from the area of confluence!
FibonacciSupport and ResistanceTrend Lines

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