Ready to trade?

It's quick and easy to get started – even with a small deposit. Apply in minutes with our simple application process.

Chart of the Day - EURUSD

EURUSD has found support at the 61.8% Fibonacci level after falling from a bearish double top formation.

EURUSD had tracked a several month downtrend since July, before breaking above trend resistance on 11 October. The bulls rallied to 1.1180 but were pulled back to 1.1072, which became the neckline of the double top formation.

The backdrop here is renewed demand for the greenback due to better US data and a hopeful trade outlook. On the other side of the currency cross, we have eurozone data points failing to inspire.

EURUSD daily chart
"EURUSD daily chart"

Buying support has been retested at the 61.8% fib retracement and we have a modestly upside bias in the short-term here. If price action were to push below that 61.8 retracement, we’d expect a retest of buying support at the 1 October low.

Pepperstone doesn’t represent that the material provided here is accurate, current or complete, and therefore shouldn’t be relied upon as such. The information provided here, whether from a third party or not, isn’t to be considered as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any security, financial product or instrument; or to participate in any particular trading strategy. We advise any readers of this content to seek their own advice. Without the approval of Pepperstone, reproduction or redistribution of this information isn’t permitted.

24/5 Support