EURUSD Technical Outlook (Daily)
EURUSD reversed a 6-day decline Wednesday, rallying up to a new weekly high at 1.1446, holding nearby, as USD’s upward strength continued to fade.
There were no relevant macro-economic releases Wednesday, with the Key data coming later this week.
The US will offer its Retail Sales, PPI and Consumer Sentiment (MSI) figures Friday, while Europe will publish the EU and German Q-1 GDP estimates.
The single currency has moved above it immediate resistance, support is now at 1.1420, the 50% Fibo retracement of its latest Bullish run, but remains below the 38.2% Fibo retracement of the rally at 1.1460, also a major resistance mark that needs to be broken to trigger a move towards 1.1500.
The 4 hours has lost its Neutral stance, and points to a continued advance as the 20-Day SMA has advanced below the current mark and is currently crossing above its 100-Day SMA, the technical indicators have corrected partially extreme overbought readings, before resuming their advances.
Support marks:1.1420 1.1370 1.1335
Resistance marks: 1.1460 1.1500 1.1545
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