Euro technical price outlook: EUR / USD Short-term trade levels
- Euro updated technical trade levels – daily and intraday charts
- EUR / USD falls to the lowest level of technical support each year
- Resistance 1.1760, 1.18- key support 1.1695, 1.1621
Euro fell more than 0.7% US dollar this week EUR /USD falls towards critical support every year. These are updated targets and invalidity levels EUR/USD technical price charts at the end of the week. Inspection my last Strategy webinar for a thorough breakdown its euro technical configuration and more.
Euro price chart – EUR / USD per day
Technical outlook: In my last Euro price outlook (at the end of June) we warned that “beware of possible exhaustion below 1.20-handle with pause / close below 1.1824 needed to recommend higher sales. “The price recorded a high of 1.1975 before falling sharply, with the EUR / USD falling more than 2.2% from that high. The decline is now approaching a key technical support must be in the zone 1.1695-1,1704– area defined by 38.2% Fibonacci Return of advances and target for 2020 to the lowest level of year / March and converges in channel support. We are looking for a possible price increase in this zone, where the immediate decline is vulnerable, but up here is a make-or-break with the next significant support zone 1.1602 / 21 in the event of a break.
Euro price chart – EUR / USD 240 min
Notes: A closer look at the pricing of the euro shows that the EUR / USD is trading in a declining direction haruhark formation, which extends to a parallel parallel to the peaks at the end of June, further highlighting the support 1.1695-1,1704. Initial resistance now back to the annual low at the end of the week at 1.1760 in the near future cart repeal is a weekly newspaper opening area heights at 1.1801 / 07– the turning point there would reveal 1.1831 whose violation / closure is higher than the monthly open clock 1.1866 needed to recommend a higher return.
Bottom line: The euro has fallen again to half-yearly lower levels of core support, and although medium-term risk remains lower, the immediate decline may be sensitive but above 1.1695. From a trading point of view, it is a good zone for short exposure reduction / lower protection stops – look for depletion above the average IF price to fall below and the gap to be lower, showing a significant decline towards the next larger support zone November lows / 100% extension / October 2018 highest time 1.1602 / 21. Review my last one Euro Weekly price forecast for a thorough review of the longer-term level of EUR / USD technical trade.
For a complete breakdown of Michael’s trading strategy, review his strategy Series Fundamentals of Technical Analysis on Bcultivation a Tradiant Strategy
Euro Trader Sentiment – EUR / USD price chart
- Summary IG customer mood shows that traders have a net length EUR / USD ratio is +1.41 (58.45% of traders are long)-weak cart reading
- There are long positions 11.90% higher than yesterday and 10.62% lower than last week
- Short positions are7.12% lower than yesterday and 12.31% higher than last week
- We usually take the opposite view of the mood of the crowd and the fact that the net length of traders indicates that EUR / USD prices may continue to fall. Traders are more than yesterday, but less than last week. The combination of current positioning and recent changes gives us an even more mixed EUR / USD trading bias a feeling position.
Major Euro / US economic data publications
Economic calendar – recent economic developments and the risk of upcoming events
Active technical settings
– Written Michael Boutros, Currency strategist with DailyFX
Watch Michael Twitter @MBForex