Wednesday 24th June: Technical Outlook and Review
Europe’s single currency extended upside Tuesday amid healthy Eurozone PMIs and additional dollar softening under 97.00 (DXY). Despite an early rebound from the underside of 1.13 on the H4 during early London hours (see M30 for clearer view), the level eventually yielded and unlocked the door to Quasimodo resistance nearby at 1.1340, which held into the close.
Tuesday 23rd June: Technical Outlook and Review
Upbeat risk sentiment weighed on the US dollar index Monday, firmly snapping a four-day bullish phase. EUR/USD H4 reclaimed 1.12+ status and recently conquered 1.1250, with eyes now on 1.13 as potential resistance, followed by a Quasimodo formation at 1.1340.
Monday 22nd June: Weekly Technical Outlook and Review
The British pound put in additional declines against the buck last week, extending south of the 61.8% Fibonacci retracement ratio at 1.2718 and 2019 yearly opening level at 1.2739. It should also be emphasised these levels are positioned beneath a long-term trend line resistance, etched from the high 1.5930.
Friday 19th June: Technical Outlook and Review
Driven by USD strength Thursday, with the US dollar index recently shaking hands with 97.50, EUR/USD tackled H4 support at 1.1221 and the round number 1.12. This exposed a 38.2% Fibonacci retracement ratio at 1.1173 and a potential 127.2% AB=CD correction (black arrows) at 1.1150.
Thursday 18th June: Technical Outlook and Review
Although US housing data failed to meet consensus Wednesday, the US dollar index managed to maintain position north of the 97.00 handle. Leaving 1.13 unchallenged on the H4 timeframe, the candles dipped to support at 1.1221 (a prior Quasimodo resistance). This level joins closely with the 1.12 handle and a 38.2% Fibonacci retracement ratio at 1.1173.
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%.
