EURUSD: remains supported above 1.0700

Slobodan Drvenica Windsor Brokers

EURUSD

The Euro holds in extended consolidation above 1.0700 support (broken Fibo 38.2% of 1.0905/1.0568 downleg) reinforced by 5/30 SMA’s bull-cross) in early Friday’s trading.
The pair spiked to 1.0776 on Thursday and hit target at 1.0776 (Fibo 61.8%), but probe above 1.0738 pivot (sideways-moving daily Kijun-sen line which capped Tue/Wed upside attempts), proved to be short-lived.
Strong upside rejection that left daily candle with long upper shadow on Thursday weighs, however, immediate downside risk will be sidelined while the price is holding above supports at 1.0700 and 1.0680 (rising daily Tenkan-sen / 20SMA).
Release of EU PMI data is in focus today, as the Euro is eyeing an outcome of the first round of French presidential election.

Res: 1.0738; 1.0776; 1.0800; 1.0837
Sup: 1.0700; 1.0680; 1.0661; 1.0627

Interested in EURUSD technicals? Check out the key levels

1. R3 1.0830
2. R2 1.0804
3. R1 1.0761
PP 1.0735
1. S1 1.0691
2. S2 1.0665
3. S3 1.0622

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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