EURUSD pauses rally, tests 1.13

Discussion in 'Technical Analysis' started by FXStreet_Team, Apr 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    EURUSD reversed lower after reaching the highest level in six months last week, when it touched 1.1463. Prices found support at 1.1233 – which is around the 23.6% Fibonacci retracement level of the 1.0520 to 1.1463 upleg (December 2015 to April 2016 rise). RSI has fallen to test the 50 level, suggesting the stronger downside momentum. The break below the key 1.13 level which coincides with the 21-day moving average, strengthened the bearish view. Failure to close above 1.13 would increase the

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