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Thomson Reuters
May 11 - 08:36 AM
EUR/USD - COMMENT-EUR/USD Recovery Less Certain As Fibo Close Eyed
First appeared on eFXplus on May 11 - 06:15 AM

USD weakness following Thursday's U.S. CPI data miss boosted EUR/USD nLLAAGEE76 but the pair's recovery could falter with technicals suggesting some downside risk.
Despite EUR/USD's rebound, the 10th biggest one-day rise this year, 14-week momentum remains negative, reinforcing the underlying bearish market.
A weekly close below the recently broken 1.1936 Fibonacci level -- 61.8% retrace of the 1.1553 to 1.2556 (November to February) rise -- is, however, needed for EUR/USD bears to retain the upper hand as this may see bearish sentiment resume early Monday.
A State of the Union address by ECB's Draghi at an EUI event in Florence, Italy, might have a bearing on which side of the 1.1936 Fibo the market closes on.
A failure to register a close below the 1.1936 Fibo at the end of trading in New York on Friday will strengthen the upside bias.

Weekly Fibo Chart: Click here

EUR/USD Biggest 2018 One-Day Gains Chart: Click here

Source:
Thomson Reuters IFR Markets

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