The demand for USD is declining and we are expecting a growth in EURUSD. Powell’s speech put USD under pressure.
The support rests at 1.18350 with resistance at 1.19320. The weekly pivot point at 1.17540 is located below the lines. The EMA of 10 is moving with bullish bias in the ascendant channel and it is above the EMA of 100 and below the EMA of 200. The Stochastic is showing downward momentum, the RSI is falling towards level 50 and the ADX is showing sell signal. The MACD indicator is in neutral territory.
Considering the correction pattern, EURUSD must hit 61.8 level of Fibonacci to complete the pattern so while pullbacks are observed buyers can target 1.20000.