Slobodan Drvenica
Windsor Brokers
EUR/USD
The Euro is consolidating within a tight range on Friday after a 1.3% drop previous day, as oversold daily studies warn of price adjustment, which is likely to be limited as overall bearish bias is intact.
The pair is on track for a weekly loss of approx. 1.5% that will mark the sixth straight week in red.
Thursday’s fall to new five-year low (1.0354) increased pressure on 2017 low at 1.0340, violation of which would spark fresh bearish acceleration below 1.0300 support.
Upticks should be ideally capped under 1.0463 (Fibo 38.2% of 1.0648/1.0354 bear-leg), while only break above daily Tenkan-sen (1.0497) would ease immediate bearish pressure.
Res: 1.0419; 1.0463; 1.0497; 1.0508.
Sup: 1.0354; 1.0340; 1.0300; 1.0235.
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.
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