EURUSD

The Euro accelerated lower after Strong US retail sales (May 0.5% vs Apr 0.3%, revised upward from -0.2%) inflated dollar and reduced greatly probability of rate cut on FOMC policy meeting next week.
Fresh weakness surged through Fibo support at 1.1259 (38.2% of 1.1116/1.1347) and cracked 50% retracement at 1.1231, approaching key support zone between 1.1218/04 (converged 20/55/30SMA/daily cloud base/Fibo 61.8% of 1.1116/1.1347). Weaker daily techs on south-heading momentum/stochastic/RSI support scenario, with close below daily cloud base, needed to confirm double-top at 1.1347/43 (7/12 June high).
Bears may face headwinds from 1.1218/04 support zone and reduce the pace, for consolidation before final break lower.
Broken Fibo 38.2% (1.1259) now offers initial resistance, guarding pivotal barriers at 1.1275/79 (broken 100SMA/daily cloud top) which need to stay intact and keep bears in play.

Res: 1.1259; 1.1279; 1.1294; 1.1303
Sup: 1.1218; 1.1204; 1.1170; 1.1160

EURUSD

 

Interested in EURUSD technicals? Check out the key levels

    1. R3 1.1333
    2. R2 1.1319
    3. R1 1.1297
  1. PP 1.1283
    1. S1 1.1261
    2. S2 1.1247
    3. S3 1.1225

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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