EUR/USD: Confined to a range defined by Fibonacci levels

The EUR/USD pair has been confined to the same range defined by Fibonacci levels since last Wednesday, with attempts to leave the area being quickly reverted, FXStreet’s Chief Analyst Valeria Bednarik reports. 

Key quotes

“Support is being provided by the 61.8% retracement of the latest daily advance around 1.0830, while sellers surge in the 1.0890 price zone.”

“The short-term picture is neutral-to-bearish, as, in the 4-hour chart, technical indicators are turning marginally lower within neutral levels, as the price struggles with a mild-bearish 20 SMA. The larger moving averages stand above the current level.”

“Support levels: 1.0830 1.0790 Resistance levels: 1.0925 1.0960”