EURUSD Technical Outlook (Daily)

EURUSD Technical Outlook (Daily)



EURUSD: The majors’ Friday movements extended this Monday, with the USD up Vs all of its major peers, and commodity related currencies (AUD, NZD, CAD) underperforming due to a sharp decline in Crude Oil and Gold’s prices.

The Buck got some support from US Fed’s speakers offering a generally Hawkish rhetoric throughout the day Monday.

The EURUSD traded within Fibo marks, with selling interest rising around 1.1420, the Fibo 50% retracement of its latest Bullish run, but holding above 1.1370, the 61.8% Fibo retracement of the same rally, range bound for most of the day and with a general Bearish tone, despite the lack of momentum.

The 4 hours, shows that the 20-Day SMA has extended its decline and now stands a few pips above the above mentioned Fibo resistance, while the Momentum indicator aims higher below the 100 mark, and the RSI indicator heads lower around 38, supporting some additional declines for Tuesday.

Support marks:1.1370 1.1335 1.1290
Resistance marks: 1.1420 1.1460 1.1500

Stay tuned…

Paul Ebeling

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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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