EURUSD Technical Outlook (Daily)

EURUSD Technical Outlook (Daily)



Friday, EURUSD closed in the Red for a 3rd week running, with the Buck driven North by FOMC’s Mins pointing for a soon-to-come rate hike in the US.

This week will be busy on the macro-economic front, with preliminary PMI readings for the month of May in the EU quick starting the action Monday.

In the US, PMI’s, Durable Goods Orders, and GDP are among the most relevant releases, but attention will mostly focus on the US Fed officials’ speeches, spread all through the week, and any wording supporting a June rate hike.

Uncertainty over growth will be among the main themes behind markets’ movements.

The technical outlook

The EURUSD traded as low as 1.1179 last Thursday, and while it is unable to break below the Key 1.1200 mark, bounces from the lows have been shallow and contained by selling interest around 1.1280.

Currently trading at 1.1216, the pair is stuck around its 100-Day MA, but the dominant trend is Bearish. A daily ascendant trend line coming from this year’s low of 1.0505 is placed this week in the 1.1050/1.1100 area, a probable Bearish target should the Buck continue rallying.

Support marks: 1.1160 1.1120 1.1080
Resistance marks: 1.1245 1.1280 1.1330

Have a terrific week.

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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.

One Response to "EURUSD Technical Outlook (Daily)"

  1. Michael   May 28, 2016 at 2:43 pm

    Thanks for the info, finally dollar goes up 🙂

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