EUR/USD Outlook: Bulls eye 200SMA but consolidation may precede final break

Slobodan Drvenica Windsor Brokers

EURUSD

Bulls fully regained control after shallow pullback and pressure last Friday’s 2 ½ month high / 200WMA (1.1347), with key barriers at 1.1364 (200SMA) and 1.1377 (Fibo 38.2% of 1.1815/1.1107) being in focus, as weak dollar adds to bullish outlook.
Overbought daily stochastic and weaker momentum warn that bulls may show hesitation at these levels and price adjustment may precede final break higher.
Broken bear-trendline offers solid support at 1.1299 and guards key supports at 1.1279/72 (daily cloud top / 100SMA).
US inflation data are due later today and may provide fresh signals.

Res: 1.1347; 1.1364; 1.1377; 1.1400
Sup: 1.1318; 1.1299; 1.1279; 1.1259

Interested in EURUSD technicals? Check out the key levels

1. R3 1.1381
2. R2 1.136
3. R1 1.1344
PP 1.1322
1. S1 1.1306
2. S2 1.1285
3. S3 1.1269

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.

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.