Slobodan Drvenica
Windsor Brokers
EURUSD
The Euro regained traction on Friday and recovered the most of Thursday’s 1.1337/1.1294 dip after four-day rally stalled at falling 30SMA.
Thursday’s close in red and failure to repeatedly close cracked Fibo barrier at 1.1326 (38.2% of 1.1569/1.1176) softened near-term structure, though bullish bias is expected to remain intact while 10SMA (1.1287) holds the downside.
However, risk of recovery stall and possible pullback would increase on another failure to clearly break 1.1326 barrier and repeated close below falling 30SMA (1.1322), as momentum is weak and stochastic in overbought territory.
EU benchmark CPI ticked higher in Feb, according to the expectations and supporting the pair, with a series of data from the US, due later today and news about Brexit, eyed for fresh signals.
Weekly close above 1.1326 Fibo barrier would generate bullish signal for extension of recovery leg from 1.1176 (2019 low) and expose barriers at 1.1365/72 (converged 55/100SMA’s / 50% of 1.1569/1.1176).
Conversely, close below 10SMA would be initial negative signal for deeper correction of 1.1176/1.1338 upleg.
Res: 1.1322; 1.1338; 1.1369; 1.1382
Sup: 1.1304; 1.1287; 1.1276; 1.1257
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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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