EUR/USD Analysis: Reaches 50.00% Fibonacci Retracement

The decline of the EUR/USD, on Thursday, passed the support of the weekly S2 simple pivot point at 1.1463 and reached the 50.00% Fibonacci retracement level at 1.1455. Future forecasts were based upon whether the retracement level provides support.

If the rate recovers from the 1.1455 level, the EUR/USD might immediately encounter resistance in the form of the weekly S2 simple pivot point at 1.1463. Above the pivot point, the zone at 1.1513/1.1538 might act as resistance.

However, a decline below the 1.1455 level might find support in the weekly S3 simple pivot point at 1.1413, before aiming at the 1.1400 mark.

November 12, 2021 at 12:05AM
Dukascopy Swiss FX Group
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