EUR/USD Outlook: Narrowing range holds between 200WMA and 30SMA pivots

Slobodan Drvenica Windsor Brokers

EURUSD

The Euro stands at the back foot on Thursday following triple Doji in past three days but remains within near-term congestion and still without clearer direction signal.
Strong upside rejection on Tuesday continues to weigh and bearish near-term bias remains in play while 30SMA (1.1357) caps.
Strong bearish momentum on daily chart adds to outlook.
On the other side, recent downside attempts were repeatedly limited by 200WMA at 1.1311 (several spikes lower but without close below), keeping bearish action limited.
Initial direction signals could be expected on lift above 30SMA or break below 200WMA, while confirmation requires break above triangle resistance line (1.1368) or break below support line (1.1301).

Res: 1.1357; 1.1368; 1.1400; 1.1418
Sup: 1.1311; 1.1301; 1.1267; 1.1215

Interested in EURUSD technicals? Check out the key levels

1. R3 1.1418
2. R2 1.139
3. R1 1.1367
PP 1.1339
1. S1 1.1317
2. S2 1.1288
3. S3 1.1266

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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