Slobodan Drvenica
Windsor Brokers
EUR/USD
Although the Euro stands at the front foot and continues to attempt higher, the recovery remains questioned, as thick daily cloud continues to limit the action for the sixth straight day, while falling 55 DMA (1.0614) additionally weighs.
Technical studies on a daily chart show still strong bearish momentum and mixed setup of moving averages (5,10,20,55), while daily cloud, spanned between 1.0596 and 1.0767, continues to strongly pressure the action that adds to stall signals.
Expect initial negative signal on return and close below 10DMA (1.0533), with drop below1.0469/56 (June 22 spike low/Fibo 61.8% of 1.0358/1.0614) to confirm lower top and shift focus towards key supports at 1.0358/49/40 (lows of June 15/May 13/2017).
Only sustained break above 55DMA would strengthen near-term structure and generate initial signal of bullish continuation of recovery leg from 1.0358.
Res: 1.0614; 1.0623; 1.0685; 1.0700.
Sup: 1.0577; 1.0533; 1.0517; 1.0486.
Interested in EUR/USD technicals? Check out the key levels
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.
Recommended Content
Editors’ Picks
EUR/USD holds above 1.0700 supported by Dollar’s slide Premium
EUR/USD is consolidating above 1.0700, supported by a weaker US dollar across the board. The tone around the Greenback changed on Monday after the release of a weak ISM Services PMI report from the US. Despite the rebound from 1.0685 to 1.0720, the pair remains below the 20-day SMA.
AUD/USD holds above 0.6600 ahead of the RBA Premium
AUD/USD rose on Monday ahead of a crucial day for the Aussie with the Reserve Bank of Australia's decision. The central bank is expected to keep rates unchanged at 3.85%, but it's a close call, and a rate hike wouldn't be a major surprise.
Gold grinds higher past $1,950 amid downbeat United States data
Gold stays on the front foot aroud $1,961, after an upbeat start of the week, as the bullion traders seek more clues to extend the latest rebound during early Tuesday in Asia. The precious metal cheered downbeat United States statistics and dicey markets to regain upside momentum the previous day.
Binance and CEO face 13 charges by the SEC, citing securities laws violation
Binance entities and CEO Changpeng Zhao are facing 13 charges from the US SEC. Allegations revolve around securities law violations, among other crimes that the regulator has been clamping down against.
June flashlight for the FOMC blackout period
After raising rates by 500 bps since March 2022, the FOMC signaled at the conclusion of its previous meeting on May 3 that the tightening cycle may be coming to an end.