EUR/USD: Daily momentum of has peaked - Westpac

Sandeep Kanihama FXStreet Contributor

In view of Tim Riddell, Research Analyst at Westpac, daily momentum of EUR/USD has now peaked and the style of this roll-over suggests slippage towards rising channel support as the Macron-gap fits perfectly with other technical levels to suggest initial key support (1.0820) as well as downdraft potential to close the gap (1.0730).

Key Quotes

“Weekly

Although weekly momentum appeared to break higher, this has merely allowed for a move to the mid-point of EUR/USD’s 18-month range
Momentum has now become more mixed and failure to sustain levels above 1.10 underscores the potential of sliding again to retest range lows”

“Monthly

EUR/USD continues to consolidate within a horizontal triangle/pennant. Such patterns normally precede a final leg lower to complete a long term trend
Monthly momentum remains broadly neutral, despite a mild supportive tone. Risk of an early base should not be ignored, but a downside range flip is still favoured”

Author

Sandeep Kanihama

FXStreet Contributor

Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.

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