Fibonacci Break May Push Euro to 1-Year High: Technical Analysis
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The euro is set to rise to its highest level against the dollar in more than a year after breaking through an area of so-called resistance, Credit Suisse AG said, citing trading patterns.
Breaching the $1.3309 resistance zone opens up an advance for the shared currency through the 50 percent Fibonacci retracement level at $1.3493 and eventually to $1.40, Credit Suisse analysts including Christopher Hine wrote in a note today, a level last touched in October 2011. The current is a follow-through from the completion of a long-term inverted head-and-shoulders reversal pattern in December, they wrote.