EURUSD – fresh upside breaks above bear-trendline from 1.1910 peak

Slobodan Drvenica Windsor Brokers

The Euro extended advance from daily low at 1.1731 (early European session low) broke above important barriers at 1.1765 (converged 10/20SMA) and 1.1785 (bear-trendline off 02 Aug peak at 1.1910) to dent psychological 1.1800 barrier (also 4-hr clod top).

Close above bear-trendline will be bullish signal with lift above 1.1815 (Fibo 61.8% of 1.1910/1.1662 pullback) seen as confirmation.
Broken 10/20SMA now initial support (1.1765), with 30SMA (1.1687) underpinning and guarding Friday’s low at 1.1662.
EU PMI data on Wednesday and Jackson Hole Thu/Sat meeting are the key events this week.

Res: 1.1815; 1.1846; 1.1889; 1.1910
Sup: 1.1765; 1.1731; 1.1708; 1.1687

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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