By CountingPips.com
Euro strength today is capping off a rebound week against the US dollar with the EUR/USD pair reaching 1.3650 in Friday’s forex trading. The pair is demonstrating renewed bullishness this week after a retreat from the 1.3861 February 1st high to a February 14th low of 1.3428. Today’s action has seen the pair ascend with a break through the 20-day moving average (in red).
Further follow-through is likely to encounter resistance around the 23.6 Fibonacci retracement (from 1.1876 to 1.4281) near the 1.3715 exchange rate and with the February 1st high at 1.3861 looming on a break above.
Below we have potential support and pivot studies hanging around the 1.3575 area. Further below we have the 1.3500 support level, a monthly low point at 1.3426 and the 38.2 Fibonacci retracement level sitting at 1.3365.
