Dollar Rallies − Likely Support Levels for EUR/USD
The US Dollar had another strong rally today, despite another round of less than positive economic data. The rising Dollar is pushing the EUR/USD pair down, as less Dollars are needed in exchange for each Euro.
The prior drop took us precisely down to the 23.6% Fibonacci retracement, which then proceeded to act as resistance for an entire week. Today’s drop ended at 38.2%, and currently price is taking a breather and slowly retracing back up from there.
1.5415 now remains a key support level to watch. If price begins to move up, then look to 1.5646 to act as resistance once more. If price breaks below 1.5415, then look for it to find support at 1.5229, 1.5043, or 1.4778.
Posted by
at
02:10:45
