3 min readEURO VS DOLLAR (EUR/USD):
The Euro-Dollar pair has seen a notable move to the downside over the past few weeks. In a previous article, I expressed curiosity about how the price would react to the 1.11800 resistance level. Since then, it has dropped back to the 1.09800 region, where it appears to have found temporary support along an ascending trend line.
This short-term support zone also aligns with the 50% Fibonacci level. If we fail to hold this support, which seems to be happening at the moment, I’d be interested to see how the price reacts to lower levels for potential short-term rebounds. The RSI indicator currently suggests the pair is “oversold,” so further downside wouldn’t be surprising.
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