EUR/USD – Rejection at 38.2%, minor drop on cards
Euro’s failure on Friday to take out 1.1196 (38.2% of 1.0517-1.1616) and a closing at 1.1167 followed by a rejection at 1.1181 (38.2% of 1.1616-1.0911) in the Asian session today and a retreat below 1.1168 suggests the currency is likely to take a dip to 1.1137 (channel level).
A re-entry into channel on daily closing basis would add credence to rejection at key 38.2% levels and would open doors for a drop to 5-DMA level of 1.1090.
On the higher side, a rebound from 1.1137 could yield a re-test of 1.1196. Only a day end closing above 1.1196 would signal continuation of rally from post Brexit low of 1.0911.
A re-entry into channel on daily closing basis would add credence to rejection at key 38.2% levels and would open doors for a drop to 5-DMA level of 1.1090.
On the higher side, a rebound from 1.1137 could yield a re-test of 1.1196. Only a day end closing above 1.1196 would signal continuation of rally from post Brexit low of 1.0911.
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