EURUSD is consolidating after Friday’s fall; daily Tenkan-sen/Kijun-sen lines are triggers

Slobodan Drvenica Windsor Brokers

EURUSD

The Euro was slightly higher in Asia on Monday, following Friday's slide after double upside rejection at daily Kijun-sen barrier. Weak near-term structure keeps the downside vulnerable, with risk of retest of lower pivot at 1.0495 (daily Tenkan-sen line), break of which is needed to confirm lower top at 1.0619 and open way for fresh weakness. However, extended sideways trading could be expected while the price is holding between daily Tenkan-sen/Kijun-sen pivots. Conversely, sustained break above daily Kijun-sen line (1.0605) would trigger fresh bullish acceleration and open next targets at 1.0668 / 1.0700.

Res: 1.0573; 1.0605; 1.0619; 1.0668

Sup: 1.0515; 1.0495; 1.0472; 1.0446

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

1. R3 1.0548
2. R2 1.0543
3. R1 1.0537
PP 1.0532
1. S1 1.0526
2. S2 1.0521
3. S3 1.0515

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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