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EUR/USD has extended its falls under 1.2130 as the risk-off mood and elevated US bond yields favor the dollar. The sharp and sudden pick up in yields of the US 10-year benchmark prompted investors to favour the greenback vs. extending the rally in the risk complex, at least in the very near-term.
Following recent tops, the single currency came under selling pressure and drags EUR/USD back to the mid-1.2100s at the end of the week. EUR/USD reverses two consecutive daily builds, including fresh multi-week highs around 1.2240 recorded on Thursday, and returns to the 1.2150 region on Friday.
From a technical perspective, 1.2100 round figure mark is a critical barrier to look into. There is an ascending trend-line support since 5th Feb which coincides with 50% fibonacci retracement of early February bull rally. This is now a critical confluence point. Break or bounce?
Meanwhile, technical indicators on the 4-hour chart maintained their bias for a short term corrective move which may lead to test 1.2180 level. The Stochastics oscillator is firmly at the overbought levels supporting the bias.
On the flip side, a sustained break below 1.2100 and the ascending trend-line support will awaken the bears and drive EUR/USD to test 1.2030. Further below awaits February swing low at 1.1960
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