EUR/USD needs to clear resistance at 1.1350 to extend its rebound

EUR/USD has regained its traction after dropping below 1.1300 on Monday. But as FXStreet’s Eren Sengezer notes, the pair needs to clear 1.1350 to extend recovery.

1.1320 aligns as the first support level

“In case EUR/USD the 1.1350 resistance, where the Fibonacci 38.2% retracement of the latest uptrend and the 200-period SMA on the four-hour chart meet rises above that level and starts using it as support, it could target 1.1400 (psychological level, Fibonacci 23.6% retracement).”

“On the downside, 1.1320 (100-period SMA) aligns as the first support level before 1.1300 (psychological level, Fibonacci 50% retracement) and 1.1260 (Fibonacci 61.8% retracement).”

See – EUR/USD: Constructive outlook while above January lows of 1.1121 – DBS Bank