EUR/USD
The Euro edges lower in early Monday’s trading as bulls enter consolidation after record 4% weekly advance last week.
Traders took some profits and overbought stochastic also points to consolidative / corrective action before bulls resume.
Strong bullish signal was generated on Friday’s close above pivotal barriers at 1.1066/80 (50% retracement of 1.1494/1.0635 / 200DMA).
Dips should find ground above daily clod top / psychological support (1.1008/00) to keep bulls in play for fresh push higher and attack at key Fibo barrier at 1.1166 (61.8% of 1.1494/1.0635).
Caution on extension below cloud top that would put bulls on hold, but return and close below double-Fibo supports at 1.0963/51 (broken 38.2% of 1.1494/1.0635 / 38.2% of 1.0635/1.1147) is needed signal an end of bull-phase from 1.0635.
Res: 1.1100; 1.1147; 1.1166; 1.1200
Sup: 1.1060; 1.1026; 1.1008; 1.0963
Interested in EUR/USD technicals? Check out the key levels
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
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