The major forex currency pair fell to its lowest level since July 2020 before consolidating on Thursday. However, the corrective retracement remains below the 61.8% Fib retracement level from March 2020 to January 2021, which in turn suggests further declines in the currency market for the EUR / USD pair.
In addition to the key Fibonacci retracement level showing around 1.1295, a convergence of the 50% retracement and the March 2020 high near 1.1500, as well as the 200-week SMA moving average at 1.1552, also challenge pair buyers. EUR / USD.
On the contrary, the lows marked at the end of June 2020, around 1.1170, ask sellers before the start of the school year.
So the 1.1100 figure may act as a buffer as you move south towards the 78.6% Fib retracement level near 1.1000.
In short, the bears of the EUR / USD pair are holding the reins until they see a weekly close above 1.1552.
EUR / USD: Weekly chart
Par Anil Panchal, FXStreet
He worked with Edelweiss Financial Advisors Ltd from 2007 to 2013 as a research analyst for the commodities sector. Subsequently, Anil joined Admiral Markets from April 2013 to January 2019, where he worked as a Forex analyst. Job roles at both locations were to monitor the macroeconomics and perform fundamental and technical analysis of commodities and the Forex market, respectively. At FXStreet, he primarily writes asset / technology news articles on various currency pairs, commodity pairs, and even some equity markets. It also helps provide overviews of macro / event data and bank reports when required.
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