EURUSD Outlook: Fresh risk appetite pushes Euro back into daily cloud

EURUSD

The Euro enters American session in negative mode and returned into daily cloud after failing to hold gains above daily cloud top / 55SMA (1.1574/90) and stalled on approach to converged 20/30SMA's at 1.1615, as trong EU industrial production and German CPI, in line with expectations, released earlier today, failed to boost Euro. Fresh risk appetite lifted dollar, with profit-taking of strong rally in past two days, adding to renewed pressure on the single currency. Fresh easing weakened near-term structure and increasing risk of return and close below daily cloud, which would generate bearish signal. Daily momentum turned lower and created bear-cross, softening daily techs, which are still in mixed mode. Friday's close below daily cloud would turn near-term bias lower and risk further weakness. Bullish scenario requires close above cloud to keep focus at the upside.

Res: 1.1574; 1.1590; 1.1618; 1.1627
Sup: 1.1545; 1.1529; 1.1518; 1.1479

EURUSD

 

Interested in EURUSD technicals? Check out the key levels

    1. R3 1.1704
    2. R2 1.1652
    3. R1 1.1623
  1. PP 1.1571
    1. S1 1.1542
    2. S2 1.149
    3. S3 1.1461

 

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