EUR/USD looks like a sell on rise
Last week's close violated 1.1945, the 23.6% Fibo retracement level of Nov-Jan rally.
Area around 1.1945 also acted as strong resistance in late August/early September 2020.
More selling likely, albeit after a minor bounce.
Risk assets could open higher, pushing USD down during Monday's Asian hours. President Biden's $1.9 trillion stimulus has been approved. Bitcoin is back above $50K, hinting at dollar weakness during the Asian hours.
I would look to sell the bounce...major support is now the 200-day SMA, currently at 1.1808, followed by the 38.% Fibo hurdle at 1.1695.
Strong close above 1.20 would force me rethink my bearish bias.
Last week's close violated 1.1945, the 23.6% Fibo retracement level of Nov-Jan rally.
Area around 1.1945 also acted as strong resistance in late August/early September 2020.
More selling likely, albeit after a minor bounce.
Risk assets could open higher, pushing USD down during Monday's Asian hours. President Biden's $1.9 trillion stimulus has been approved. Bitcoin is back above $50K, hinting at dollar weakness during the Asian hours.
I would look to sell the bounce...major support is now the 200-day SMA, currently at 1.1808, followed by the 38.% Fibo hurdle at 1.1695.
Strong close above 1.20 would force me rethink my bearish bias.