The EUR/USD rose to a high of 1.1814 yesterday and extended gains to 1.1824 in the Asian session today. The spot has retraced 50% of the Friday’s high-low, but remains below 1.1828, which is the 1-hour 100-MA and more importantly, it is the 61.8% Fib R of high-low.
A 400-pips bull trap
The spot was last seen trading around 1.1813 levels. A break above 1.1828 [1-hour 100-MA + 61.8% Fib R of Friday’s high-low] would expose 1.1869 [monthly 50-MA] and 1.19 [zero levels]. On the lower side, a breakdown of support at 1.1790 [10-DMA] would open up downside towards 1.1770 [previous day’s low] and 1.1728 [Friday’s low]. The daily RSI is turning lower from the overbought territory.
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