EUR/USD: Break above 1.0170 could open the door for additional gains

EUR/USD has extended its rebound at the start of the week. 1.0170 aligns as the next critical technical resistance, FXStreet’s Eren Sengezer reports.

Risk perception should continue to impact the market action

“There won't be any high-tier data releases featured in the economic docket on Monday and the greenback could stay on the back foot if risk flows continue to dominate the market action.”

“1.0170 (Fibonacci 38.2% retracement of the latest downtrend) aligns as key resistance. In case buyers manage to flip that level into support, additional gains toward 1.0200 (psychological level), 1.0225 (Fibonacci 50% retracement) and 1.0275 (Fibonacci 61.8% retracement) could be witnessed.” 

“1.01 (50-period SMA, Fibonacci 23.6% retracement, psychological level) forms key support before 1.0060 (20-period SMA) and 1.00.”