EUR/USD outlook: Bears probe through key support zone
EUR/USD
The Euro holds in red for the third consecutive day and accelerates lower in early Thursday, cracking pivotal supports at 1.0800/1.0790 zone (former higher base / Fibo 61.8% of 1.0695/1.0981 / base of thick daily Ichimoku cloud).
Technical picture is firmly bearish on daily chart (rising negative momentum / Tenkan / Kijun-sen bear-cross) and maintains pressure, with close below cloud base to confirm negative signal and open way for continuation of the downtrend from 1.0981 (Mar 8 top).
Fibo level at 1.0762 (76.4% of 1.0695/1.0981) marks initial target and the sole obstacle en-route towards key short-term support at 1.0695 (2024 low, posted on Feb 14).
Near-term bias is expected to remain with bears while the price stays below broken 200DMA (1.0835) which reverted to solid resistance.
Res: 1.0804; 1.0835; 1.0850; 1.0875.
Sup: 1.0762; 1.0732; 1.0695; 1.0611.
Interested in EUR/USD technicals? Check out the key levels
Reprinted from FXStreet，the copyright all reserved by the original author.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.