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EUR/USD is extending the drop towards 1.1300 after the ECB is debating over a potential increase in the APP at its meeting next week. The US dollar rebounds amid a cautious mood. Omicron, US-China woes keep investors on the edge.
From a technical perspective, the pair's inability to capitalize on the overnight positive move and the emergence of a fresh selling on Thursday warrants some caution for bullish traders. That said, it will still be prudent to wait for some follow-through selling back below the 1.1300 mark before positioning for the resumption of the recent bearish trend. The pair might then accelerate the fall towards intermediate support near the 1.1260-55 region before dropping to test weekly swing low, around the 1.1230-25 region.
This is followed by the YTD low, or levels just below the 1.1200 mark touched set on November 25, which if broken decisively will be seen as a fresh trigger for bearish traders. The subsequent downfall has the potential to drag the pair to the 1.1145 support area en-route the 1.1100 round-figure mark.
On the flip side, momentum beyond mid-1.1300s is likely to confront some resistance near the 1.1380-85 area, marking the 38.2% Fibonacci level of the 1.1692-1.1186 downfall. A sustained breakthrough, leading to a subsequent strength above the 1.1400 mark could push the pair further towards the 50% Fibo. level, around the 1.1440 region.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
