EURUSD risks extended correction towards 1.0700
|The Euro remains biased lower after past two days in red and sees scope for extension of pullback from 1.0905 towards next strong support at 1.0700 (daily Kijun-sen / 50% retracement of 1.0493/1.0905 upleg).
Near-term action is holding in narrow consolidation above hourly base at 1.0738 (lows of 29 Mar / today), with risk shifted lower on weak near-term studies.
Extension of bear-leg from 1.0905 requires sustained break below 1.0748 (Fibo 38.2% of 1.0493/1.0905, as previous two attempts failed to close below this pivot).
However, daily studies remain bullish overall and see fresh upside attempts on completion of current corrective phase.
Extended dips on breach of 1.0748 pivot, should be ideally contained above 1.0700, to keep scenario in play.
Otherwise, increased downside risk could be anticipated on loss of 1.0700 support.
Res: 1.0768; 1.0784; 1.0825; 1.0841
Sup: 1.0748; 1.0738; 1.0700; 1.0673
Interested in EURUSD 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.