EUR/USD Outlook: Euro remains bid but faces strong headwinds from thick daily cloud

Slobodan Drvenica Windsor Brokers

EURUSD

The Euro remains bid and probes again through daily cloud base (currently at 1.1308) following repeated failure to penetrate cloud in past two days, with action being capped by falling 55SMA. Rising bullish momentum supports the action but may conflict with overbought stochastic on daily chart. Sustained break above pivots at 1.1312/16 (55SMA/50% of 1.1448/1.1183) would generate fresh bullish signal for recovery extension towards 1.1347 (Fibo 61.8%) and possible acceleration towards 1.1372 (daily cloud top). Broken 30SMA (1.1277) needs to hold and maintain bullish bias.

Res: 1.1323; 1.1347; 1.1372; 1.1385
Sup: 1.1292; 1.1277; 1.1262; 1.1230

Interested in EURUSD technicals? Check out the key levels

1. R3 1.1341
2. R2 1.1331
3. R1 1.1317
PP 1.1308
1. S1 1.1293
2. S2 1.1284
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.

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