About us 
EUR/USD
The Euro eases on Friday but is on track for the first bullish weekly close in six weeks that adds to positive signals as Doji reversal pattern is forming on weekly chart.
On the other side, fresh bulls face difficulties at pivotal Fibo barrier at 1.1069 (38.2% of 1.1494/1.0806), although Thursday’s action registered a close above this level, as there is a threat of formation of a bull-trap on weekly chart if the price fails to end week above this level.
Daily studies showed a slight improvement, but remain overall negative, as bearish momentum starting to strengthen after a brief easing, which keeps the downside vulnerable. The risk is also seen on a drop and close below psychological 1.10 level (also near 38.2% retracement of 1.0806/1.1137 recovery).
Fundamentals also do not work in favor of the single currency, as Fed raised interest rates and signaled increased pace of further hikes, diverging from the ECB, which still keeps rates at zero, while growing pessimism over the situation in Ukraine, continues to dampen risk appetite.
Pivotal levels at the downside lay at 1.10 and 1.0973 (10DMA) while 1.1069 (Fibo) and 1.1079 (20DMA) mark upper triggers.
Res: 1.1069; 1.1079; 1.1137; 1.1150.
Sup: 1.1000; 1.0973; 1.0950; 1.0900.
previous
