EUR/USD outlook: Euro remains elevated by renewed risk appetite
|EUR/USD
Improved risk sentiment keeps the euro supported for the second straight day, adding to signals that 1.0930/1.0713 correction might be over, as fresh advance broke above 50% retracement of the pullback.
Daily studies maintain strong positive momentum and moving averages in bullish setup created several bull-crosses, contributing to positive near-term signals.
Bulls need close above 1.0821/38 (50% retracement of 1.0930/1.0713 / Mar 24 high / Fibo 61.8% of 1.1032/1.0516) to confirm signal and keep near-term bullish stance for further advance towards 1.0930 (Mar 23 spike high) and falling 100WMA (1.0971.
Caution on Wednesday’s daily cloud twist which could be magnetic and obstruct the latest advance, though if the price manages to stay above cloud, this would support the action, as the cloud thickens after the twist and will additionally underpin.
Today calendar is light, with focus on speech of ECB’s President Lagarde and US consumer confidence.
Res: 1.0838; 1.0876; 1.0930; 1.1000.
Sup: 1.0778; 1.0740; 1.0713; 1.0687.
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.