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Recovery migh have run out of steam

Technical indicators are signaling the EUR/USD recent recovery is running out of steam, in the opinion of NDDFX’s analyst Haresh Menghani.

Key quotes

“EUR/USD’s inability to find to acceptance above the very important 200-day SMA and a subsequent pullback from the 61.8% Fibonacci of the 1.1497-1.0636 slide suggests that the recent bounce from multi-year lows might have already run out of the steam.” 

“It will be prudent to wait for a sustained weakness below 38.2% Fibo. level, around the 1.0965-60 region, before traders start positioning for the resumption of the prior/well-established bearish trend.” 

“On the flip side, the 1.1065 region (50% Fibo.) now seems to act as immediate resistance and is followed by the 1.1095-1.1100 region (200-DMA).”

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