EUR/USD - H1
This week starts with improved sentiment, helped by better than expected economic data from China, which works against the US Dollar.
We will need to see though, if this upbeat mood will carry into the European session and help the pair's recovery effort, after Friday's fresh 2021 lows (1.1432). Positive sentiment can help it push for the EMA100 (1.1492-1.1500), but a catalyst will be required to pause the downward momentum and extend the recovery towards 1.1534.
EUR/USD finds support at the start of the day, but the risk off fresh lows towards 1.1401 is high and such move would expose it initially to 1.1370.
Looking at the broader picture, the pair had multiple daily closes below key 50% Fibonacci of the 2020 low-2021 high advance (1.1492) and that has opened the door for more weakness towards 61.8% (1.1290), although some correction may be needed before that.
Past Performance: Past Performance is not an indicator of future results.
Senior Market Specialist
Nikos Tzabouras is a graduate of the Department of International & European Economic Studies at the Athens University of Economics and Business. He has a long time presence at FXCM, as he joined the company in 2011. He has served from multiple positions, but specializes in financial market analysis and commentary.
With his educational background in international relations, he emphasizes not only on Technical Analysis but also in Fundamental Analysis and Geopolitics – which have been having increasing impact on financial markets. He has longtime experience in market analysis and as a host of educational trading courses via online and in-person sessions and conferences.