The Euro fell near 1.10 support in mid-European/early US trading on Friday, following repeated upside rejection at bear-trendline, drawn from 1.1412 (25 June high) and reinforced by falling 30DMA. The US dollar regained traction on Friday, pushing the single currency towards the mid-point of recent 1.0926/1.1109 range and shifting near-term focus lower. Daily momentum is flat while stochastic and RSI turned south, supporting scenario, which requires break and close below psychological 1.10 support for confirmation. The pair is on track for weekly close in red, with possible formation of weekly bearish engulfing that would add to negative signals. Only firm break above trendline resistance (currently at 1.1067) would sideline immediate downside risk and open way for renewed attempt at pivotal 1.1111 Fibo barrier (38.2% of 1.1412/1.0926).
Res: 1.1044; 1.1067; 1.1086; 1.1111
Sup: 1.1000; 1.0990; 1.0957; 1.0926
Interested in EUR/USD technicals? Check out the key levels
- R3 1.1122
- R2 1.1098
- R1 1.1071
- PP 1.1047
- S1 1.1021
- S2 1.0997
- S3 1.097
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