Valeria Bednarik, chief analyst at FXStreet explained that the EUR/USD pair reached a daily high of 1.1219 before retracing towards the 1.1200 level, easing as Wall Street trimmed most of its early losses ahead of the close.
Key Quotes:
“The recovery has been pretty significant considering that the price was unable to fall beyond the 61.8% retracement of its latest daily bullish run, but not enough to confirm a continued advance, given that in the 4 hours chart, the price is currently struggling around the 50% retracement of the same rally, whilst the technical indicators have lost their bullish potential after regaining positive territory.
The upside however, is now favored as long as the 1.1160 support holds, with an upward acceleration expected on a break above 1.1245.”
(Market News Provided by FXstreet)
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