Slobodan Drvenica
Windsor Brokers
EUR/USD
EURUSD regained traction on Wednesday after moving within wide swings but without direction in past two days.
Fresh strength looks for retest of pivotal barriers at 1.0768/71 (55DMA/daily cloud base), which capped Monday’s attack.
Technical studies are mixed on daily chart (rising bullish momentum / conflicting MA’s/price weighed by thickening daily cloud).
Mixed PMI data from EU and Germany missed to impact the pair significantly, with US ADP report and PMI data) due later today, expected to provide signals.
Watch reaction on cloud base, with repeated failure here to signal that bulls might be running out of steam and that the downside is still vulnerable.
However, close below daily Tenkan-sen (1.0721) and filling Monday’s will be needed to signal that bears regained control for retest of 1.0666 base and possible acceleration towards 1.0601 (2024 low).
Alternatively, penetration of daily cloud would generate initial bullish signal, which will look for boost on break of daily Kijun-sen (1.0791) and confirmation on lift above daily cloud top (1.0808).
Res: 1.0764; 1.0771; 1.0791; 1.0808.
Sup: 1.0736; 1.0721; 1.0700; 1.0666.
Interested in EUR/USD technicals? Check out the key levels
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
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