EURUSD Outlook: Bounces on profit-taking seen as positioning ahead of fresh weakness

Slobodan Drvenica Windsor Brokers

EURUSD

The Euro hit session high at 1.1494 in US trading on Friday, following bounce from key near-term support and target at 1.1432 (09 Sep spike low) which was touched earlier today. Pre-weekend profit-taking on strong two-day fall on Wed/Thu and rising stock prices that reduced demand for greenback, support the advance. On the other side, overall picture remains negative, with persisting tensions over Brexit and Italian budget story, seen as negative factors which could keep the single currency under pressure in coming days. Adding to the notion is bearish close this week and also negative weekly techs. Bounce could be seen as positioning for fresh weakness, with initial resistance at 1.1497 (broken Fibo 61.8% of 1.1300/1.1815 ascend), capping the action for now and guarding 1.1523 barrier (falling 10SMA). Only extended bounce through thin daily cloud (1.1545/65) would neutralize bears.

Res: 1.1497; 1.1523; 1.1567; 1.1578
Sup: 1.1432; 1.1422; 1.1387; 1.1360

Interested in EURUSD technicals? Check out the key levels

1. R3 1.1583
2. R2 1.1556
3. R1 1.1504
PP 1.1477
1. S1 1.1425
2. S2 1.1398
3. S3 1.1347

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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