Euro technical price outlook: EUR / USD Short-term trade levels
- Euro updated technical trade levels – daily and intraday charts
- EUR / USD resilience rises to its highest level in July – the risk of price fluctuations
- Resistance 1.1909, 1.1965- Support 1.1840, 1.1793 (key)
Euro increased by more than 0.8% US dollar this week EUR /USD taking Friday’s U.S. non-farm payroll on the heel another foot higher. The cost of the rally is a major technical hurdle, and while the broader outlook remains constructive, immediate progress may be vulnerable at these levels. These are updated targets and invalidity levels EUR/USD technical price charts at the end of the week. Overview 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 we noted that EUR / USD hadfell again towards the basic level at the lowest level each year, and although the medium-term risk remains lower, the immediate decline may be vulnerable if 1.1695.“The euro plunged into the support zone just a few days later, recording a low of 1.1664, before turning sharply backwards until the end of August. The rally is now approaching the first major resistance place of accession at 1.1895-1.1908– area defined by 38,2% Fibonacci the return of the May decline to the highest level in July and is approaching the 75% parallel to the projected increase fork formation, which reaches annual lows. We are looking for a possible price change from here.
Euro price chart – EUR / USD 120 min
Notes: A closer look at the pricing of the euro shows that the EUR / USD trades as part of a built-in growing channel withNFP rallying at countercurrent resistance 1.1895-1.1908. Initial support rests at 1.1866 supports Featured trend line merger ~ close1.1840 and weekly / month open at 1.1794-1.1808-look for exhaustion in front of this zone if the price rises higher as it threatens to pick up again 100 days moving average / 50% again 1.1951 / 65.
Bottom line: The V-shaped recovery from annual low lows will lead to a short-term upside for the euro at its peak in July – the risk of exceeding this price is a rise in prices. From a trade perspective, it is a good zone for reducing long-term exposure / raising barriers – trade remains constructive, while its composition has a breach / closure of more than 1.19, which is necessary for the next stage of higher heating. 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 – short EUR / USD ratio is -1.39 (41.82% of traders are long) – usually weak bullish reading
- There are long positions 11.11% lower than yesterday and 20.14% lower than last week
- Short positions are4.81% higher than yesterday and 12.97% higher than last week
- We usually take the opposite view of the mood of the crowd, and the fact that traders are short indicates an increase in EUR / USD prices. Traders have even less money than yesterday and last week, and the combination of current positioning and recent changes gives us a stronger appreciation of the EUR / USD exchange rate. 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