Slobodan Drvenica
Windsor Brokers
EUR/USD
EURUSD edges higher from new 5 ½ month low 1.0602) on Tuesday, as strongly oversold daily studies prompted profit-taking.
Near-term sentiment turned fully bearish, and the action weighed by a large weekly bearish candle (the par was down 1.8% last week).
Upticks should provide better selling levels, with solid barriers at 1.0700 zone (former low of Feb 14 / psychological / Fibo 38.2% of 1.0885/1.0602 bear-leg) to ideally cap.
Violation of pivots at 1.0600 zone (fresh low / Fibo 38.2% of 1.0052/1.1275 rally) to open way for test of weekly cloud base (1.0502) and Oct 13 low (1.0495).
Res: 1.0665; 1.0695; 1.0710; 1.0743.
Sup: 1.0602; 1.0516; 1.0495; 1.0448.
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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