EUR/USD outlook: Bullish bias intact above 1.21 support but risk of stall exists

Slobodan Drvenica Windsor Brokers

EUR/USD

The Euro regained traction after brief pullback on Monday and rose new marginally higher multi-week high on Tuesday, inflated by upbeat German data. Monday’s close in red with minor negative reaction seen from bearish signal from red daily candle with long upper shadow.

Bulls continue to focus Fibo target at 1.2197 (76.4% of 1.2349/1.1704), violation of which would open way for gains above 1.22 mark and expose targets at 1.2242 (Feb 25 spike high) and 1.2300 (round-figure barrier).

Overbought stochastic on daily and weekly charts warns that bulls may lose steam, with dips expected to provide better buying opportunities above 1.2100 support zone Broken Fibo 61.8% at 1.2102 and rising 10DMA at 1.2087).

Caution on break here that would risk deeper pullback and unmask key supports at 1.2000/1.1975 (psychological / daily cloud top.

Res: 1.2181; 1.2197; 1.2242; 1.2272
Sup: 1.2149; 1.2123; 1.2102; 1.2087

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

1. R3 1.2213
2. R2 1.2195
3. R1 1.2162
PP 1.2145
1. S1 1.2112
2. S2 1.2095
3. S3 1.2061

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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