EURUSD – Bullish outlook above weekly cloud top
|The Euro returned back above 1.1100 handle in early Friday after strong rally of past few days paused on Thursday for consolidation under fresh six-month high at 1.1171. Dips were contained just above critical support at 1.1065, provided by weekly cloud top, with weekly close above here to signal further advance in coming days and focus next objective at 1.1313 (Fibo 76.4% of 1.1614/1.0339 descend. The pair is on track for strong bullish weekly close that supports bullish stance. Technical studies are bullish but caution on overbought slow stochastic which may generate bearish signal on reversal. Break below weekly cloud top would risk easing towards next strong supports at 1.1044 (Fibo 38.2% of 1.0838/1.1171); 1.1020 (former top of 08 May) and psychological 1.1000 support.
Res: 1.1140; 1.1171; 1.1203; 1.1250
Sup: 1.1095; 1.1065; 1.1044; 1.1020
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.