Slobodan Drvenica
Windsor Brokers
EUR/USD
EURUSD remains in a sideways mode for the third straight day but narrow consolidation under new multi-week high signals that near-term action is bullishly aligned.
The pair is on track for the biggest weekly gain since early July and looks for close above cracked Fibo level at 1.0862 (50% retracement of 1.1275/1.0448) to confirm positive signals and open way for extension towards targets at 1.0959/1.1000 (Fibo 61.8% / psychological).
However, overbought daily studies warn that bulls may stay on hold for prolonged consolidation, with immediate bulls to stay intact while the price stays above broken 200DMA (1.0804), reverted to support.
Only loss of 1.0764/56 pivots (broken Fibo 38.2% / top of thick daily Ichimoku cloud) would question bulls.
Res: 1.0895; 1.0945; 1.0959; 1.1000.
Sup: 1.0824; 1.0804; 1.0790; 1.0756.
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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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