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EURUSD – 50 Fib Offers Notable Support in Uptrend

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EURUSD broke below an ascending channel a little while ago having consolidated following the Fed-driven rally on Thursday.

Based on the size of the channel, the break could prompt a move back towards 1.1340 which happens to coincide with a previous resistance level and the 50% retracement of the move from Wednesday’s lows to today’s highs.

The broader trend is still currently bullish and therefore this could be a significant level of support. A rebound off here is quite a bullish signal and suggests the trend remains very much intact.

EURUSD 1hr

 

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Former Craig

Former Craig

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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