Slobodan Drvenica
Windsor Brokers
EUR/USD
The Euro extends pullback from new 2020 high on Wednesday (so far down 0.31% since opening today), following strong rejection at psychological 1.20 barrier.
Bulls peaked at 1.2011 but breach was short-lived and subsequent pullback left bearish daily candle with long upper shadow that made initial bearish signal.
Traders booked some profits on massive longs that added pressure on the near-term action.
Sort of bull-trap pattern that is forming on daily chart (although 1.20 is not a technical barrier) could contribute to current scenario, signaled by daily indicators during past few days. Fading momentum and south-heading stochastic/RSI add to negative signals.
Fresh bears pressure initial supports at 1.1855/38 (10/20DMA's) which guard more significant double Fibo's at 1.1825/22 (61.8% of 1.1711/1.2011/broken 61.8% of 1.2555/1.0635), which should contain dip and sideline risk of deeper pullback.
Key supports are higher base at 1.1700 zone and Fibo 38.2% of 1.1168/1.2011 (1.1689), with break here to signal reversal and neutralize bulls.
Res: 1.1888; 1.1928; 1.1965; 1.2000
Sup: 1.1855; 1.1838; 1.1822; 1.1810
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.
Recommended Content
Editors’ Picks
EUR/USD extends gains beyond 1.1400 amid renewed USD weakness Premium
EUR/USD extended gains beyond 1.1400 as the US Dollar (USD) fell alongside Wall Street. Business confidence continues to deteriorate amid mounting concerns about a global economic setback. First-tier data later scheduled for later this week could be a make it or break it.
GBP/USD gathers bullish momentum, advances beyond 1.3400
GBP/USD extends its daily climb above the 1.3400 mark in the second half of the day on Monday. Renewed US Dollar weakness amid a lack of fresh developments hinting at a further de-escalation of the US-China trade conflict support the pair ahead of this week's critical data releases.
Gold rebounds above $3,300 as mood sours Premium
Following a bearish opening to the week, Gold gains traction and trades above $3,300 in the American session. Mixed headlines on the ongoing US-China trade war cause markets to remain risk-averse on Monday, allowing XAU/USD to turn north.
XRP extends gains ahead of futures ETFs launch this week
XRP climbs over 3% on Monday, hovering around $2.33 at the time of writing. The rally is likely catalyzed by key market movers like XRP futures Exchange Traded Funds (ETFs) approval by the US financial regulator, the Securities and Exchange Commission (SEC), and a bullish outlook.
Week ahead: US GDP, inflation and jobs in focus amid tariff mess – BoJ meets
Barrage of US data to shed light on US economy as tariff war heats up. GDP, PCE inflation and nonfarm payrolls reports to headline the week. Bank of Japan to hold rates but may downgrade growth outlook. Eurozone and Australian CPI also on the agenda, Canadians go to the polls.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.