Technical Analysis

EUR/USD Rips into Yearly Open Resistance

Euro technical price outlook: EUR / USD close to market levels

  • Euro updated levels of technical trade – daily and intraday charts
  • EUR / USD The lowest discounts in May – 2.1% cheaper – bulls are objective every year
  • Basic resistance / breakthrough level at level 1.2239 / 61 – support at 1.2168, bullish repeal 1.2143

Euro rally over 0.6% US dollar from the beginning of the week with a breakthrough in the May opening period, taking intoUSD annual objective open area around the technical resistance environment. Although the broader focus is still constructive, immediate progress may be vulnerable in the near future and we are looking for a possible price curve out of this key area. These are updated targets and cancellation levels EUR/USD charts of technical prices 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 Daily

Euro price chart - EUR / USD Daily - Euro vs. US dollar trade outlook - EURUSD technical forecast

The chart was compiled by Michael Boutros, Technical Strategist; EUR / USD trading view

Technical outlook: EUR / USD immediately lowered the May opening range median line / February is closed at 1.2168 on Tuesday with top damage that made the rally critical resistance with the target open / 61.8% extension for 1.2239 / 61– look for a turn outside the area to be directly vulnerable below the rally. Trading is constructive, while in the rising March channel the infringement / closure is higher, revealing the highest annual closing day / 88.6% Fibonacci withdrawal at 1.2323 / 36.

Euro price card – EUR / USD 120min

Euro price map - EUR / USD 120min - Euro vs US dollar trading outlook - EURUSD technical forecast

Notes: On closer inspection of the euro price operation, EUR / USD trading is hidden in an upward line tork an expanding formation with the lowest level at the end of April / May, with a weekly opening range slightly below the key barrier. Initial support must 1.2168 supported by a weekly opening at 1.2143– Look for a reaction there if it is achieved by a fracture below the formation necessary to assume a greater return.

Bottom line: Eurorally has expanded into annual public resistance and progress may be vulnerable in the near future 1.2239 / 61. From a trading point of view, it is a good zone to reduce long-term exposure / increase protection stops – look for lower parallel depletion before the lower parallel price rises higher in this section. Check out my latest review Euro Weekly price outlook for a thorough review of the long-term level of EUR / USD technical trade.

Review Michael’s full trading strategy for a breakdown Fundamentals of the Technical Analysis Series Bluilding a Tirradiation Strategy

Euro trader sentiment – EUR / USD price chart

Euro trader opinion - EUR / USD price chart - Euro vs US dollar retail positioning - technical forecast

  • Summary IG customer mood shows that traders are net short EUR / USD – the ratio is -1.91 (34.35% of traders are long) – usually bullish reading
  • There are long positions 20.92% higher than yesterday and 6.35% higher than last week
  • Short positions are9.33% lower than yesterday and 7.92% higher than last week
  • We usually view the contradictory situation of the crowd and the fact that traders are short indicates a continuing rise in EUR / USD prices. Traders are less net short than yesterday, but more net short than last week, and the combination of current positioning and recent changes gives us even more confusion about EUR / USD trading bias. feeling position.

Main publications of Euro / US economic data

Main publications of Euro / US economic data - EUR / USD event risk

Economic calendarthe latest economic developments and upcoming event risks

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– Written Michael Boutros, DailyFX currency strategist

Watch Michael Twitter @ MBForex

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