EUR/USD outlook: Bears pause above psychological 1.20 support

Slobodan Drvenica Windsor Brokers

EUR/USD

The Euro bounces on Thursday, as bears faced headwinds from psychological 1.20 support and taking a breather above pivotal 1.2000/1.1973 support zone (psychological/top of thick daily cloud).

Upticks should be ideally capped by 100DMA/Fibo 38.2% of 1.2149/1.1985 pullback (1.2048) to keep bears from 1.2149 (Apr 29 high) intact.

Caution on firm break of 1.2048 that would ease downside pressure and allow for stronger recovery.

Res: 1.2065; 1.2075; 1.2093; 1.2126
Sup: 1.2000; 1.1985; 1.1973; 1.1943

Interested in EUR/USD technicals? Check out the key levels

1. R3 1.2066
2. R2 1.2046
3. R1 1.2025
PP 1.2006
1. S1 1.1985
2. S2 1.1965
3. S3 1.1944

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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