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Fibonacci Resistance (1.0911) Holds At First Time Of Asking

EURUSD
  • The aforementioned resistance at 1.0911 for EURUSD, the 76.4% retracement of the Feb 2 - Mar 15 bear leg held well during the press conference with Powell’s reiteration that the Fed are prepared to hike above expectations aiding the brief bounce for the greenback.
  • However, after dipping to 1.0853, EURUSD continues to trade buoyantly and is approaching the 1.09 handle once more.
  • Further greenback weakness overnight will pave the way for a move to 1.1033, the Feb 2 high and key resistance for the pair.
  • The Euro has now taken over as the best performer in G10 as the initial optimism in equity markets receded, capping any further advances for the likes of AUD and NZD.

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