The Relative Strength Index (RSI) indicator on the 4-hour chart holds comfortably above 50 and EUR/USD closed the last five 4-hour candles above the 200-period Simple Moving Average (SMA), reflecting the bullish bias.
On the upside, the Fibonacci 38.2% retracement level of the latest downtrend aligns as immediate resistance at 1.0860. The pair tested this week several times in the second half of February but failed to make a 4-hour close above it. Once 1.0860 is confirmed as support, 1.0900-1.0910 (psychological level, Fibonacci 50% retracement) could be seen as next bullish target before 1.0940 (static level).
1.0820 (200-period SMA) forms first support on the downside before 1.0800 (100-period SMA, Fibonacci 23.6% retracement) and 1.0760 (static level).
On the upside, the Fibonacci 38.2% retracement level of the latest downtrend aligns as immediate resistance at 1.0860. The pair tested this week several times in the second half of February but failed to make a 4-hour close above it. Once 1.0860 is confirmed as support, 1.0900-1.0910 (psychological level, Fibonacci 50% retracement) could be seen as next bullish target before 1.0940 (static level).
1.0820 (200-period SMA) forms first support on the downside before 1.0800 (100-period SMA, Fibonacci 23.6% retracement) and 1.0760 (static level).