EURUSD Technical Outlook (Daily)

EURUSD Technical Outlook (Daily)

EURUSD Technical Outlook (Daily)



EURUSD: The EURUSD pair traded flat for a 2nd day running, stuck around the 50% Fibo retracement of its May decline, the price zone reached after the grim US NFPs report put the Buck in selloff mode.

Tuesday, the pair held within Monday’s range, as a thin economic calendar did not move participants.

The Eurozone Q-1 GDP confirmed that the region grew just 0.6% during Q-1 if this  year.

The most relevant piece of news coming from the US was the IBD/TIPP Economic Optimism Index that dropped 0.5 points, or 1.0%, in June, posting a reading of 48.2 Vs 48.7 in May and expectations of 49.1.

As for the technical picture

EURUSD has little directional strength in here, and there are good chances that it will continue trading range bound ahead of next week’s US FOMC meeting.

Overall, technical readings favor the Northside, as in the 4 hours, the 20-Day SMA has extended its rally after crossing the 100-Day SMA and is about to advance beyond the 200-Day SMA, while the RSI indicator consolidates in overbought territory, and the Momentum indicator keeps correcting extreme readings, heading South within positive territory.

The Key support mark towards the Southside stands at 1.1280/90, where buying interest can surge on dips, the critical resistance comes at 1.1460 a major long term mark.

Support marks:1.1330 1.1280 1.1240
Resistance mars: 1.1415 1.1460 1.1500

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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