EURUSD – Bullish outlook above weekly cloud top

Slobodan Drvenica Windsor Brokers

EURUSD

The Euro returned back above 1.1100 handle in early Friday after strong rally of past few days paused on Thursday for consolidation under fresh six-month high at 1.1171. Dips were contained just above critical support at 1.1065, provided by weekly cloud top, with weekly close above here to signal further advance in coming days and focus next objective at 1.1313 (Fibo 76.4% of 1.1614/1.0339 descend. The pair is on track for strong bullish weekly close that supports bullish stance. Technical studies are bullish but caution on overbought slow stochastic which may generate bearish signal on reversal. Break below weekly cloud top would risk easing towards next strong supports at 1.1044 (Fibo 38.2% of 1.0838/1.1171); 1.1020 (former top of 08 May) and psychological 1.1000 support.

Res: 1.1140; 1.1171; 1.1203; 1.1250
Sup: 1.1095; 1.1065; 1.1044; 1.1020

Interested in EUR/USD technicals? Check out the key levels

1. R3 1.1260
2. R2 1.1218
3. R1 1.1161
PP 1.1118
1. S1 1.1061
2. S2 1.1019
3. S3 1.0962

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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