Support Level 1- 1.0659 (38.2% Fibonacci Retracement)
Support Level 2- 1.0520 (23.6% Fibonacci Retracement)
Current Market Price- 1.0737
Resistance Level 1- 1.0800 (April 23 high)
Resistance Level 2- 1.0848 (61.8% Fibonacci Retracement)
Commentary:
- The EUR slipped against the USD as expected after European economic indicators but downside movement was only temporary. The pair made a new daily high of 1.0756.
- Near term resistance is at 1.0800, with the break above that on a daily closing basis will expose the 61.8% Fibonacci retracement at 1.0848.
- Alternatively, daily close below 1.0800 would bring the parity towards new downside pressure.
