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61.8% Fibonacci Retracement Limits Gains

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61.8% Fibonacci Retracement Limits Gains
  • EUR / USD’s recovery from September lows has come to a halt at a key Fibonacci hurdle.
  • A break above this level will likely accelerate the rally towards 1.20.

EUR / USD bulls are struggling to break a key Fibonacci hurdle for the fourth day in a row.

The pair is currently moving slightly lower near the 1.1830 level, having faced rejection at 1.1859 during the Asian session.

That level marks the 61.8% Fibonacci retracement of the drop from 1.2011 to 1.1612. The Fibonacci Hurdle has been limiting the rise since Wednesday.

The RSI on the daily chart and MACD histogram are biased upward and favor a continuation of the rally from the September low of 1.1612.

As such, the EUR / USD could find acceptance above the Fibonacci level, exposing the psychological resistance at 1.20. On the downside, 1.1787, the low of Friday’s candle, is the level to beat for the bears.

EUR / USD daily chart

EUR / USD technical levels

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Credits: Forex Street

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