EUR / USD technical outlook
- EUR / USD maintaining a proven level of support
- The pullback may be over, but the obstacles have not yet been overcome
EUR Technical Outlook: EUR / USD, which seeks to stabilize, levels and lines to look at
The Euro recent trade has fallen slightly, but since yesterday it has found a proven level of support that was just below 12,000. This level has played both in support and resistance on several occasions over the last two months.
Given that we see EUR /USD hold and turn higher, we use 11985 as the floor; stay higher on a daily basis closure the short-term bias is, at worst, neutral to the bullish. Every day when support is close, there is a warning that further weakness is on the way.
The 200-day, which does not fall at any particularly significant price level, is as follows as a possible level of support. However, this would be the trend line in March 2020 (<11900), focusing on breaches of the above support.
First, as resistance is on the highest trend line in January, and given its proximity to significant resistance, a break above the trend line will only moderately help the downturn. Only a little shy of the 12,200, there is considerable resistance in the form of several short-term swings from the beginning of December. This will be accompanied by a slope from February 2020.
At the end of February, one attempt was made to overcome horizontal resistance, but the EUR / USD violently rejected the lower level. This continued to fall sharply in March. Every day, close to 12190, the trick should be that the euro should roll higher towards the January high of 12349 or better.
EUR / USD Day card
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