EURUSD Technical Outlook (Daily)

EURUSD Technical Outlook (Daily)



EURUSD: Liquidity dove and major pairs were confined to their early week’s ranges, as uncertainty reached new highs ahead of the upcoming Brexit referendum.

A day before the UK finally votes, a couple of polls showed a small advantage of the “leave” side, pushing Wall Street into the Red, but not affecting currencies too much.

The Buck is modestly lower across the board, while equities are mixed but not far from their daily opening marks early Thursday, as the financial word awaits the Key decision that will define the future of the economic union.

The EURUSD rose to 1.1337 before settling at 1.1300, in spite of positive US data showing that existing home sales grew 1.8% in May, the strongest pace in over 9 years, up to a seasonally adjusted annual rate of 5.53-M from a Southwardly revised 5.43-M in April.

Eurozone consumer confidence in June declined to 7.3, worse than the expected 7.1 and the previous 7.0.

As the markets are waiting for the results, the EURUSD technical picture remains Neutral, as in the 4 hours, the price is hanging around a slightly Bullish 20-Day SMA, and the technical indicators have turned higher within Neutral territory.

The EURUSD is not expected to do much Thursday, as the final results of the referendum will be out next Friday around 4:00 GMT, although a break below 1.1220 or above 1.1360, could see some wide directional move as stops will get triggered.

Support marks:1.1245 1.1210 1.1160
Resistance marks: 1.1330 1.1365 1.1410

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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