EUR/USD: Heading towards a critical Fibonacci resistance level at 1.0950

EUR/USD is en route to 1.0950, a critical Fibonacci resistance level, as German’s February Industrial Production came better than anticipated, Valeria Bednarik from FXStreet reports.

Key quotes

“Germany released this Tuesday, February Industrial Production, which rose by 0.3% MoM against an expected backdrop of 0.9%. The US macroeconomic calendar has little to offer today.”

“EUR/USD is bullish, now above the 1.0900 threshold and pressuring the daily high ahead of the US opening. The pair is also surpassing the 50% retracement of its latest bullish run, with the next Fibonacci resistance at 1.0950.”

“In the 4-hour chart, EUR/USD has advanced beyond a now flat 20 SMA, which converges with the 61.8% retracement of the same advance at 1.0830. Technical indicators advance within positive levels, supporting additional gains towards the mentioned static resistance level.”

“Support levels: 1.0875 1.0830 Resistance levels: 1.0910 1.0950”