Currency pair formed a local high below the resistance (1.3610), then fell again below 1.3600 and pivot level (1.3595). The first hour of London session has closed around 1.3590 rate and currently our technical signals indicate south movements in the intraday horizon. The price will be supported by three important levels – only bearish breakouts could pull EUR/USD below them.
– 1.3580/70 – pivot S1, low from Friday last week and Monday, Fibonacci expansion 61.8%,
– 1.3560 – pivot S2, Fibonacci expansion 100%,
– 1.3550 – pivot S3, June’s 18th low, Fibonacci expansion 127.2%.
Watch out for pivot S1 support. It may hold the price in consolidation and even be used by traders for building the base.
The above analysis is one in a series of analyzes prepared by Comparic team in collaboration with XM. Other analyzes can be found daily on XM official site.
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