EURUSD Technical Outlook (Daily)

EURUSD Technical Outlook (Daily)

Euro

$EURUSD

EURUSD: High yielders rose at the beginning of the week, as the Brexit intention vote took the lead according to the latest polls, released at the weekend.

Thin liquidity and a lackluster macroeconomic calendar saw the majors retreating as the day went by, although the USD remains broadly lower across the board.

Europe released some local data, with the German PPI improving modestly in May, up by 0.4% compared the prior month, and down by 2.7% on Y-Y comparison, from previous 3.1%.

The single currency rallied up to 1.1382 Vs the Buck at the beginning of the session, but overall remained subdued, retreating towards the 1.1300 mark ahead of Wall Street’s close, still above Friday’s close of 1.1278.

Markets are all about the upcoming Brexit vote, and will remain so, until the poll that will take place next Thursday.

The 4 hours for the EURUSD, shows that it was unable to finish above the 50% Fibo retracement of May’s decline around 1.1360, where selling interest has steadily rejected attempts of advancing.

Nevertheless and according to the same chart, the bias is Bullish, as the price is well above its MA’s, and the Momentum indicator keeps heading North above its 100 line and the RSI indicator turned South, but stands around 54.

The 1st support comes at 1.1295, the 38.2% Fibo retracement of the mentioned decline, with a break below it favoring a deeper correction down to 1.1245.

Support marks:1.1295 1.1245 1.1210
Resistance marks: 1.1330 1.1365 1.1400

Say 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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