EUR/USD sell-off abates for now
Friday’s sell-off in EUR/USD was followed up by a substantial recovery to close out the week. However, with price breaking back below the key $1.1035 support level, it is likely that further losses are around the corner.
As such, this current rally is likely to be on borrowed time, with Fibonacci retracements key areas of resistance to watch out for. The $1.1059 level is of particular interest, as this represents a key historical support and resistance level, alongside the 38.2% retracement. As such, watch out for short-term bearish reversal patterns, with key support levels at $1.0984 and $1.0912.