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On Tuesday, EURO reversed early gains against USD after the IMF cut its global growth forecast.
On Wednesday, EURO fell for third day against USD. The pair, however, trimmed losses after touching 1.2835, the lowest after Oct. 1.
The pair is currently quoting at 1.2876, almost unchanged from 1.2874 on Tuesday.
Now on the upside, the 1.2900 - 1.2920 zone, representing 23.6% Fibonacci Retracement Level of the pair’s July to September rally, is likely to cap any up-move for the currency pair and would act as immediate strong resistance.
Should the pair strengthen above 1.29 – 1.2920 resistance zone, the pair is likely to witness short-term pull-back rally towards the psychological resistance zone near 1.30 – 1.3030. Intermediate resistance, beyond 1.2900 – 1.2920 resistance zone, lies near 1.2970 – 1.2980 zone.
On the downside, immediate support is pegged near the 200-day EMA near 1.2810 – 1.2800 zone followed by an important support at the 200-day SMA, currently at 1.2785.
Should the pair slip below the 200-day SMA support, 38.2% retracement level and the ascending Fibonacci Channel at 1.2740 is likely to provide major support for the currency pair.
Intraday Important Technical Levels
Support 1 – 1.2834 Resistance 1 – 1.2919
Support 2 – 1.2799 Resistance 2 – 1.2956
Support 3 – 1.2752 Resistance 3 – 1.2992
Haresh Menghani
Market Analyst
Admiral Markets
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