EURUSD Technical Outlook (Daily)

EURUSD Technical Outlook (Daily)

EURUSD Technical Outlook (Daily)



EURUSD: Euro failed to hold above Key technical marks Vs USD during the New York session. The decline pushed the price below and near term uptrend line and the 1.1100 1.1080 support zone.

A consolidation around current price could open the way for more declines, with targets at 1.1020, the 30 June low, and then 1.0970, the 28 June low, then below there, 1.0900/1.0920 next.

Near term the Bearish bias is clear, with the 4 hours showing price below the 20-Day SMA, the Momentum indicator breaking under 100 and the RSI moving South toward the 30 line.

A phase of consolidation could be expected before another leg South.

If EURUSD recovers and climbs back above 1.1160, it could regain strength and clear the way for a test at 1.1180.

On a wider perspective the Euro appears to be setting up a test of the post-UK (Brexit) referendum lows if it remains under 1.1100, after being unable to rise above the region between 1.1160 1.1200, a correction seems more likely in here.

Wednesday the FOMC mins will be released, but considering the meeting took place before the UK referendum, its impact may be limited.

Support marks: 1.1070 1.1020 1.0970
Resistance marks: 1.1120 1.1160 1.1210

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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