Forex News

Reverses from monthly resistance trendline, midly weak above 1.0900

  • EUR/USD remains soft amid the Good Friday holiday in major markets.
  • The pair’s pullback from the monthly resistance line portrays further declines.
  • An upside break needs validation from 200-bar SMA.

While taking a U-turn from the short-term resistance trend line, EUR/USD drops to 1.0920 amid the early Friday morning.

Although the pair’s pullback moves from key resistance signals further declines, Good Friday holidays in most markets seem to limit the pair’s performance.

Even so, 23.6% Fibonacci retracement of March month fall, around 1.0840/35 stays on the sellers’ radars. However, an ascending trend line from March 22, near 1.0810 now, could limit the pair’s further downside.

On the upside, the pair’s sustained break of 1.0935 trend line isn’t going to recall the buyers as 200-bar SMA surrounding 1.1015 offers an additional upside barrier.

EUR/USD four-hour chart

Trend: Pullback expected

 

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