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January 28th 2022: Technical Outlook
Europe’s single currency has been hammered so far this week, dropping nearly 2.0 percent against a broadly stronger buck. Consequently, Fibonacci support at $1.1237-1.1281, made up of a 61.8% Fibonacci retracement at $1.1281 and a 1.618% Fibonacci projection from $1.1237, has been overthrown. This follows a decisive rejection from long-standing resistance at $1.1473-1.1583 (active S/R since late 2017). Further selling on the weekly timeframe could lead EUR/USD as far south as Quasimodo support coming in at $1.0778. Strengthening the bearish wind is the currency pair taking out 2nd November low (2020) at $1.1603 in ... (full story)