EUR/USD outlook: Bulls hold grip for further gains after consolidation,1.2000 target comes in focus
EUR/USD
EURUSD is holding under new high (1.1830, the highest since Sep 2021), as larger bulls took a breather for consolidation.
The single currency remains supported by the broader weakness of US dollar, which showed the worst performance in the first six months of this year, since 1973.
Dips from new peak were so far shallow and found solid support at broken Fibo level at 1.1685 (76.4% retracement of 1.2349/0.9535 downtrend), suggesting that broader bullish structure remains intact.
The pair is on track for the third weekly close above 1.1685 support that adds to strong bullish stance and keeps in play prospects for further advance.
Bulls eye initial target at 1.1909 (3 Sep 2021 high) the last obstacle en-route to psychological 1.2000 barrier.
Only break below daily Kijun-sen (1.1600) would dent bulls and risk deeper pullback.
Res: 1.1756; 1.1800; 1.1830; 1.1909.
Sup: 1.1685; 1.1631; 1.1600; 1.1538.
Interested in EUR/USD technicals? Check out the key levels
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.
