EURUSD – 50 Fib Offers Notable Support in Uptrend

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.



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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.