EURUSD – Can Euro Break 1.0700 Versus US Dollar?
|Key Highlights
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The Euro faced selling pressure this past week, but remained above the 1.0610 support against the US Dollar.
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There is a major resistance formed at 1.0675 and 1.0690 on the 4-hours chart of EURUSD.
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Recently in the US, the NY Empire State Manufacturing index for April 2017 released by the Federal Reserve Bank of New York posted a decline from 16.4 to 5.2.
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Today, the US Industrial Production data for March 2017 will be released by the Board of Governors of the Federal Reserve, which is forecasted to increase by 0.5%.
EURUSD Technical Analysis
The Euro after trading as low as 1.0570 against the US Dollar found support, and started a recovery. The EURUSD is correcting higher, but faces a major resistance near 1.0675 and 1.0690.
The pair recently traded near the 23.6% Fib retracement level of the last decline from the 1.0906 high to 1.0570 low. However, it faces a major hurdle near 1.0675, as the 200 simple moving average (H4) is positioned.
Moreover, there is a contracting triangle pattern with resistance near 1.0670 on the 4-hours chart. Furthermore, the 100 simple moving average (H4) is waiting on the upside at 1.0690 to act as a resistance. On the downside, the 1.0610 is triangle support.
Overall, it looks like the pair may trade in a range before attempting an upside break above 1.0690.
Interested in EURUSD technicals? Check out the key levels
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