The Euro is hovering near the middle of choppy range confining price action against the US Dollar for over four months, with technical positioning offering mixed signals on where prices may go from here. The daily chart is inconclusive. A recovery above the 1.1514-58 zone bisecting the trading range might have been expected to open the door for upside follow-through, but confidence in such an outcome is degraded after a downside break ...
On Thursday, the euro finally made some headway out of the congestion it's been stuck in during the past few weeks. The breakout turns the once-viewed resistance area in the low to mid-11700s into support, and as long as price stays above the outlook is favorable for another leg higher. A break below 11700 would put price back inside the choppiness the euro just came from and at the least be a caution signal for longs, if not turn the tone ...
The last few days brought with them the potential for yet another test of major support in the low-11500s, an area EUR/USD has held on three occasions since late-May. Will it hold, fold, or was Friday's decline and recovery the carving out of a higher-low from not so obvious support? There is a trend-line from January 2017 running through the bottom of recent price action which also coincides with a lower parallel on the 4-hr chart, this could provide the means to put in place a higher low. However, ...
Gains in the pair stalled ahead of the 1.18 handle, while the failure to close above resistance at 1.1775, allows for the pair test lower levels at 1.17, however, the rising trendline from Jan 2017 continues to offer support. Previous resistance at 1.1720 will be the next target on the upside with 1.1755, which marks the 23.6% Fibonacci retracement of the 2018 peak - 2018 low another level of interest on the upside. In the short term, EURUSD has softened, however, on the weekly timeframe, momentum ...
The past week has seen the recovery in EURUSD gather steam with the break above notable resistance at 1.1720-25 confirming that the pair has based out at 1.15, while signaling that the momentum is on the upside. As such, this opens a run in for the June 14th high at 1.1850, which is the final hurdle before a potential move towards the key 1.20 level. However, if the pair falls back towards 1.1600-50 could suggest another corrective move to test 1.1500-10 support zone. ...
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