Forex Technical Outlook For: EUR/USD
Euro
EUR/USD
The Euro maintains near-term Bullish look, supported by hopes of less hawkish FOMC Thursday.
The Bullish close for EUR/USD last Friday, as well as positive weekly close and extension above previous high at 1.1331, support the Bullish structure in here.
Formation of 20/200-Day SMA’s Golden Cross at 1.1244, underpins this action.
Rallies see 1st target at 1.1375, broken Bear-trendline, connecting former tops at: 1.1532, 1.1448 and 1.1434, for further retracement of 1.1725/1.1086 descend, with next barriers at 1.1399, 50% retracement and 1.1473, 61.8% Fibo retracement.
A sharp decline to 1.1100 suggests that Euro found a top and accomplished a corrective wave IV rally from 11 March. That would be a completed contra-trend move that is pointing to weaker EUR now; down into wave V that will be targeting new lows.
A return below the 200-Day SMA will Neutralize near-term Bulls
Resistance: 1.1375, 1.1399, 1.1473, 1.1500
Support: 1.1325, 1.1277, 1.1253, 1.1221
Have a terrific week.
HeffX-LTN
Paul Ebeling
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