FXstreet.com (Barcelona) - The broader picture remains EUR bullish on the daily chart, says Shaun Osborne, Chief FX Strategist at TD Securities, following the limited selling, which according to Shaun "looks more like a consolidation ahead of another push higher at this stage." He says that loss of support at 1.3259 "would be a modest negative and likely signal a push back to the low 1.31 area (where the 40-day MA and inverse H&S neckline converge)..."
As things stand, he adds: "The EUR’s outlook remains constructive from a technical point of view, we think. Above 1.34 should help propel spot higher (1.36/1.38). The market made a marginal new high this week and remains well above key weekly supports. Price patterns, trend momentum, the position of the medium/long-term moving averages all still point higher for the EUR. Weekly support is 1.2989, major weekly support is 1.2800/25. Key resistance is a very reachable 1.3637."
As things stand, he adds: "The EUR’s outlook remains constructive from a technical point of view, we think. Above 1.34 should help propel spot higher (1.36/1.38). The market made a marginal new high this week and remains well above key weekly supports. Price patterns, trend momentum, the position of the medium/long-term moving averages all still point higher for the EUR. Weekly support is 1.2989, major weekly support is 1.2800/25. Key resistance is a very reachable 1.3637."
