EURUSD ANALYSIS
The latest rebound in EUR/USD seems to be a technical correction with the Relative Strength Index (RSI) indicator on the four-hour chart staying below 50. Unless the pair manages to close the week above 1.1620, additional losses could be witnessed in the near term.
On the downside, initial support is located at 1.1525 (2021-low) ahead of 1.1500 (psychological level) and 1.1440 (previous resistance, static level).
Above 1.1620, (200-period SMA, 100-period SMA, Fibonacci 23.% retracement of September downtrend), 1.1670 aligns as another strong resistance (Fibonacci 38.2% retracement, static level).
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