A glance at the 1-hour chart confirms the prevailing bearish sentiment, with the SMA 50 positioned beneath the SMA 200. The Relative Strength Index (RSI) hovers around the 50-level, signifying a neutral trend. As the price nears the resistance zone and approaches the SMA 200, selling pressure mounts near the SMA 200, presently valued at 1.0705. Furthermore, the SMA 200 and the resistance zone converge near the golden ratio sweet spot, the 61.8% Fibonacci retracement. This suggests that there is still room for bullish momentum to create a swing high near the 61.8% Fibonacci retracement before a bearish correction may push the price lower toward the key support level at 1.0635.
Key economic indicator to watch today
EU, Core CPI
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