Slobodan Drvenica
Windsor Brokers
EUR/USD
EURUSD weakened on Friday after recovery attempts from new multi-month low (1.0682), hit after Wednesday’s post-election 1.7% fall (the biggest daily loss since 19 Mar 2020), failed to clear daily Tenkan-sen (1.0809).
Formation of bull-trap pattern on daily chart adds to weak near term outlook as Wednesday’s massive bearish daily candle weighs heavily, technical studies remain in full bearish setup and converging weekly Tenkan/Kijun-sen are about to form bear-cross.
However, bears continue to face headwinds from a false break of Fibo support at 1.0745 (76.4% retracement of 1.0601/1.1214 ascend) with weekly close above this level to add to signals that bears are likely to consolidate before resuming the larger downtrend.
Long shadows on weekly candlestick contribute to scenario.
Near-term bias to remain with bears while daily Tenkan-sen caps, with potential extended upticks to be capped under pivotal 200DMA barrier (1.0868).
Res: 1.0835; 1.0848; 1.0869; 1.0907.
Sup: 1.0761; 1.0745; 1.0700; 1.0682.
Interested in EUR/USD technicals? Check out the key levels
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
Recommended Content
Editors’ Picks
EUR/USD closes in on 1.1700 as US CPI data takes center stage
EUR/USD extends gains to near 1.1700 in the European session on Tuesday. The pair draws support from a broad US Dollar retreat as traders refrain from placing fresh bets on the Greenback ahead of the US CPI inflation data. Upbeat German ZEW Survey and Eurozone industrial data also aid the pair's uptick.
GBP/USD recovers to 1.3450, awaits US CPI for fresh impetus
GBP/USD is on a gradual recovery from three-week lows, testing 1.3450 in Tuesday's European trading. A cautiously optimistic market mood combined with a broadly weaker US Dollar underpins the pair ahead of the critical US CPI data and BoE Governor Bailey's speech.
Gold price retains intraday positive bias; remains close to multi-week top ahead of US CPI
Gold price sticks to modest intraday gains around the $3,360 region heading into the European session and remains close to a three-week high touched the previous day. The US Dollar eases from a multi-week top amid some repositioning trade ahead of the crucial US consumer inflation figures, which is seen as a key factor acting as a tailwind for the commodity.
US CPI data set to show rising inflation as businesses settle into higher tariff environment
The United States Bureau of Labor Statistics (BLS) will publish the all-important Consumer Price Index (CPI) data for June on Tuesday at 12:30 GMT. The CPI inflation in the US is expected to rise at an annual rate of 2.7% in June, having recorded a 2.4% increase in May.
China’s first-half growth remains on track, though activity data signals caution
China's second-quarter GDP beat forecasts again with a 5.2% year-on-year growth, driven by strong trade and industrial production. Yet sharper-than-expected slowdowns in fixed-asset investment and retail sales and falling property prices are a concern.
Best Brokers for EUR/USD Trading
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.