The single currency continues to trade below key resistance at 1.3502, lending a slightly bearish bias on the EURUSD pair. Upside penetration of the figure will open scope for an extension higher towards medium term resistance via the 1.3809.
And, there is plenty of support for a bullish secondary advance, with price action already breaking through the 1.3167-1.3393 wedge ascending trendline resistance.
Any retracement is likely to be built on the notion that technical oscillators remain overbought, printing 92.11 at the time of writing. The signal works in conjunction with the aforementioned resistance barrier at 1.3502 and could prompt a decline to initial support circa 1.3382. Further penetration lower would purport a downward move towards 1.3282.
Source: FXTrek Intellicharts
And, there is plenty of support for a bullish secondary advance, with price action already breaking through the 1.3167-1.3393 wedge ascending trendline resistance.
Any retracement is likely to be built on the notion that technical oscillators remain overbought, printing 92.11 at the time of writing. The signal works in conjunction with the aforementioned resistance barrier at 1.3502 and could prompt a decline to initial support circa 1.3382. Further penetration lower would purport a downward move towards 1.3282.
Source: FXTrek Intellicharts
