Wednesday 17th June: Technical Outlook and Review
EUR/USD H4 movement came within touching distance of reaching support at 1.1221 (a prior Quasimodo resistance), before marginally recoiling. This level joins closely with the 1.12 handle and 38.2% Fibonacci retracement ratio at 1.1173.
Tuesday 16th June: Technical Outlook and Review
The US dollar, represented by the US dollar index, switched gears Monday and turned lower, consequently snapping a two day-bullish phase. On the EUR/USD front, H4 support at 1.1221 (a prior Quasimodo resistance), maintained its presence, bolstered by H4 trend line support, taken from the low 1.0727.
Monday 15th June: Weekly Technical Outlook and Review
A favourable euro wind elevated EUR/USD over the past three weeks, recently delivering a blow to the 2020 yearly opening level at 1.1222. However, impetus lacked in recent trade after shaking hands with long-standing trend line resistance, extended from the high 1.2555.
Friday 12th June: Technical Outlook and Review
USD longs made a comeback Thursday, with the DXY staging a stronger-than-expected recovery above 96.50. This firmly weighed on the euro, the largest component of the index making up almost 58%.
Thursday 11th June: Technical Outlook and Review
Fuelled by additional USD shorts, EUR/USD climbed to highs at 1.1389 Wednesday, levels not seen since early March. Leaving 1.14 unchallenged, buyers hit the ropes as the pair dived to lows at 1.1342. 1.13 remains a standout support on the H4 timeframe, sharing space with Quasimodo support at 1.1268 and trend line support, extended from the low 1.0727.
Wednesday 10th June: FOMC in Focus
EUR/USD, according to the H4 timeframe, dipped to 1.1241 yesterday, leaving support at 1.1221 unchallenged, before turning to reclaim 1.13+ status to shake hands with recently formed Quasimodo resistance at 1.1362.
Tuesday 9th June: Technical Outlook and Review
EUR/USD left Monday muted, glued to the underside of the 1.13 handle on the H4 timeframe, ranging between 1.1319/1.1268. Downside support from here, therefore, remains at 1.1221 (prior Quasimodo resistance), closely followed by the 1.12 handle and trend line support, taken from the low 1.0727.
Monday 8th June: Weekly Technical Outlook and Review
Over the course of last week, EUR/USD extended recovery gains north of the 2020 yearly opening level at 1.1222, consequently grappling with trend line resistance into the close, a level extended from highs at 1.2555.
Friday 5th June: Buck Abandons 97.00 Ahead of Non-Farm Payrolls
EUR/USD bulls entered a strong offensive phase Thursday, following Eur130 billion German fiscal stimulus, with additional impetus provided by the ECB exceeding expectations for a Eur500 billion PEPP boost.
