Euro is buying and selling into near-term downtrend resistance after rebounding off confluence resistance final week. The quick focus is on a break of the weekly opening-range which has taken form slightly below – these are the up to date targets and invalidation ranges that matter on the EUR/USD worth charts. Review my latest Weekly Strategy Webinar for an in-depth breakdown of this Euro worth setup and extra.
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Euro Worth Chart – EUR/USD Every day
Chart Ready by Michael Boutros, Technical Strategist; EUR/USD on Tradingview
Technical Outlook: In my newest Euro Price Outlook we famous to be looking out for draw back exhaustion because the EUR/USD was, “approaching the primary main assist hurdle at 1.0994.” Worth registered a low at 1.0989 final week earlier than rebounding sharply to put up an outside-day reversal off the lows. The restoration is up practically 1% with Euro now approaching longer-term downtrend resistance.
Every day assist rests with the 75% parallel, at present round 1.1030s with a break beneath 1.0994 nonetheless wanted to mark resumption of the broader downtrend. In the end a breach / shut above the September highs at 1.1109 can be wanted to validate a bigger breakout in worth focusing on month-to-month open resistance at 1.1151.
Euro Worth Chart – EUR/USD 120min
Notes: A better take a look at…