EUR USD unsuccessful to stand up in Forex market
3/22/2017 8:20:18 AM
During Forex market activities, the EUR/USD pair failed to stand the upside above 1.0810 handle and reduced somewhat before finding some support from risk-off market profile, sending the rate back to the last.
Bulls would be watching to clear 1.0823 persistence, above which the pair appears all set to head towards testing the very significant 180-day SMA hurdle near the 1.0903 handle, ahead of 61.81% Fibonacci retracement level persistence near 1.0927 area.
On the downside, retracement below 1.0783 immediate support could get expanded towards 1.0733 level on the way 38.21% Fibonacci retracement level support near 1.0705 round figure mark. Decline below 1.0705 support could arouse further profit taking slide towards 120-day SMA strong support near mid-1.0605s.
FOREX market analysis by FxErvin.