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I’ve got EUR/USD on my watchlist again for today as the pair is presenting another neat retracement opportunity. Check it out!

Currency Snapshot:

Major Forex Pairs Price Performance from MarketMilk
Major Forex Pairs Price Performance from MarketMilk

Fresh Market Headlines & Economic Data:

Upcoming Potential Catalysts on the Economic Calendar:

  • German final CPI at 7:00 am GMT
  • French final CPI at 7:45 am GMT

What to Watch: EUR/USD

EUR/USD 1-hour Forex Chart
EUR/USD 1-hour Forex Chart

This pair might be in for another break-and-retest opportunity like yesterday’s as price is retreating to the Fib levels on its latest slide.

EUR/USD is already forming a short-term descending trend line on the 1-hour time frame, and the 61.8% level lines up with an area of interest right at this resistance area.

Price seems to be hitting a ceiling at the 50% Fib already, but stochastic has some room to climb before indicating overbought conditions so a higher pullback could follow.

Travel restrictions could hit the euro zone economy hard, especially since other economies like Singapore are expanding their ban to other European countries outside of Italy.

If you think the selloff could carry on soon, a short position at 1.1225 with a 100-pip stop that’s slightly wider than the average daily EUR/USD volatility could work out.

EUR/USD Volatility from MarketMilk
EUR/USD Volatility from MarketMilk