#EURUSD @ 0.99157 is unlikely to stage a steady rebound
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EUR/USD has steadied above 0.9900 following earlier decline. However, the pair remains vulnerable, FXStreet’s Eren Sengezer reports.
“Although the trading action is likely to remain muted in the second half of the day, the euro is unlikely to stage a steady rebound.”
“0.9900 (psychological level, static level) aligns as first support on the downside. With a drop below that level, EUR/USD could extend its slide toward 0.9875 (daily low) and 0.9800 (psychological level).”
“On the upside, first resistance is located at 0.9950 (static level) ahead of 0.9975 (20-period SMA, 50-period SMA) and 1.0000 (psychological level, Fibonacci 32.6% retracement of the latest downtrend).”
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