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EUR/USD holding technical support level at 1.0840 for the time being
Yesterday the rebound in the Dollar index and further selling in the EUR/JPY helped to force the EUR/USD lower and that delivered a low ahead of the US close, at 1.0844. That low was just above a noted technical support level, at 1.0840. That is a Fibonacci correction (38.2%) from the rise from the low at 1.0666, to the most recent high at 1.0948. That level has been put to the test again this morning. The low seen so far has been set at 1.0842, but as you can see, 1.0840 is capping the downside again for the time being. Much will depend on the USD/JPY price action from here on, as to whether that remains the case. The reader is also reminded of a cluster of moving average levels in place below 1.0840. To update you on those, we have the 200 day moving average in place now at 1.0818 and the 50 day not far below it, at 1.0813. The EUR/USD is currently trading at 1.0848
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