#EURUSD @ 0.97949 to enjoy additional gains if 0.9850 resistance fails
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EUR/USD has gone into a consolidation phase above 0.9800. The pair needs to clear 0.9850 resistance to continue to stretch higher, FXStreet’s Eren Sengezer reports.
“On the upside, the Fibonacci 61.8% retracement of the latest downtrend forms initial resistance at 0.9850 ahead of 0.9875 (100-period SMA). With a four-hour close above the latter, the pair could target 0.9925 (200-period SMA) next.”
“0.9800 (psychological level, Fibonacci 50% retracement) aligns as first support before 0.9750 (Fibonacci 38.2% retracement, 50-period SMA) and 0.9700 (psychological level).”
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