EUR/USD outlook: Bears may accelerate on break of 2017 low

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

1. R3 1.0664
2. R2 1.0597
3. R1 1.0488
PP 1.0421
1. S1 1.0313
2. S2 1.0246
3. S3 1.0137

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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