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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