EUR/USD struggles to hold above 61.8% Fibo

Having failed to pierce through 1.1357 (23.6% of 1.0517-1.1616) in early Asia, the EUR/USD pair subsequently slipped below 1.1347 (61.8% of 1.1616-1.0911).

Key Trend line level comes into play

Rising trend line drawn from Dec low to March low comes at 1.1347, which is also 61.8% Fibo hurdle as mentioned above. The trend line level was breached yesterday on day end closing basis, but is back in play in Asian session today.

The data docket across Eurozone and in the US is light; hence the spot is left the mercy of the overall demand for the US dollars.

EUR/USD Technical Levels

The spot was last seen trading around 1.1340. Breakdown of immediate support at 1.1322 (Aug 16 high) could yield a move to 1.1264 (50% of 1.1616-1.0911), under which a major support is seen t 1.1236 (38.2% of 1.0463-1.1714). On the higher side, breach of trend line resistance at 1.1347 (also 61.8% of 1.1616-1.0911) would expose 1.14 (zero figure). A violation there would open doors for 1.1428 (June 24 high).