EUR/USD outlook: Bullish bias intact above 1.21 support but risk of stall exists
|EUR/USD
The Euro regained traction after brief pullback on Monday and rose new marginally higher multi-week high on Tuesday, inflated by upbeat German data. Monday’s close in red with minor negative reaction seen from bearish signal from red daily candle with long upper shadow.
Bulls continue to focus Fibo target at 1.2197 (76.4% of 1.2349/1.1704), violation of which would open way for gains above 1.22 mark and expose targets at 1.2242 (Feb 25 spike high) and 1.2300 (round-figure barrier).
Overbought stochastic on daily and weekly charts warns that bulls may lose steam, with dips expected to provide better buying opportunities above 1.2100 support zone Broken Fibo 61.8% at 1.2102 and rising 10DMA at 1.2087).
Caution on break here that would risk deeper pullback and unmask key supports at 1.2000/1.1975 (psychological / daily cloud top.
Res: 1.2181; 1.2197; 1.2242; 1.2272
Sup: 1.2149; 1.2123; 1.2102; 1.2087
Interested in EUR/USD technicals? Check out the key levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.