EUR/USD outlook: Larger bulls to remain intact above broken Fibo level at 1.1274
EUR/USD
EURUSD rose in early Thursday’s trading signaling that larger bulls regained traction after two-day pullback from new four -year high (1.1573) found footstep at 1.1300 zone.
Near-term bias is expected to remain firmly bullish while the price action stays above broken Fibo level at 1.1274 (61.8% retracement of 1.2349/0.9535) which reverted to solid support (after two attacks were rejected here last week).
Daily studies are returning to full bullish setup (bullish momentum is strengthening and MA’s in bullish configuration).
Fresh recovery looks for verification on close above 1.1440 (Wednesday’s high / 50% retracement of 1.1573/1.1307 pullback) that would further firm the structure and signal that larger bullish cycle is intact and about to resume.
Violation of psychological 1.1500 barrier to add to positive signals for retest of 1.1573 pivot, break of which to expose target at 1.1685 (Fibo 76.4%).
Only loss of 1.1274 support would undermine bulls and risk deeper correction.
Res: 1.1405; 1.1440; 1.1500; 1.1573.
Sup: 1.1307; 1.1274; 1.1200; 1.1146.
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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.
