Slobodan Drvenica
Windsor Brokers
EUR/USD
Probe through psychological 1.07 support in early Tuesday adds to negative signals as larger bears off 2023 high (1.1095) resume after hesitating at 1.07 level in past two days.
Daily studies remain in full bearish setup and maintain downside pressure for attack at 1.0652 (Fibo 76.4% of 1.0516/1.1095 rally) and 1.0600 zone in extension, though break of 1.0700 pivot needs to be confirmed by daily close below this level.
Oversold conditions on daily chart suggest that bears may enter consolidation in coming sessions, with upticks to be ideally capped at 1.0737/58 zone (broken Fibo 61.8% / falling 10DMA) and offer better levels to re-enter bearish market.
Overall bias is expected to remain with bears while the price remains below the base of thick daily cloud (1.0796).
Res: 1.0700; 1.0737; 1.0758; 1.0796.
Sup: 1.0652; 1.0631; 1.0600; 1.0551.
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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