EUR/USD outlook: Limited consolidation to precede fresh push lower
EUR/USD
EURUSD edges higher from new 5 ½ month low 1.0602) on Tuesday, as strongly oversold daily studies prompted profit-taking.
Near-term sentiment turned fully bearish, and the action weighed by a large weekly bearish candle (the par was down 1.8% last week).
Upticks should provide better selling levels, with solid barriers at 1.0700 zone (former low of Feb 14 / psychological / Fibo 38.2% of 1.0885/1.0602 bear-leg) to ideally cap.
Violation of pivots at 1.0600 zone (fresh low / Fibo 38.2% of 1.0052/1.1275 rally) to open way for test of weekly cloud base (1.0502) and Oct 13 low (1.0495).
Res: 1.0665; 1.0695; 1.0710; 1.0743.
Sup: 1.0602; 1.0516; 1.0495; 1.0448.
Interested in EUR/USD technicals? Check out the key levels
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