EUR/USD outlook: Holds in extended sideways mode, initial negative signals developing on daily chart
EUR/USD
Near-term action remains in a directional mode and ranging between converged 55/200DMA’s (1.0831) and 100DMA (1.0871).
Strong rejections in both directions in past few sessions add to neutral stance, with the pair looking for fresh direction signals.
Daily studies are mixed, though 14-d momentum bearish divergence and overbought stochastic seen as warning.
Expect initial bearish signal on break of 1.0831 pivot, which will need a confirmation on extension and close below 10DMA (1.0813).
Conversely, sustained break above 100DMA and Fibo barrier at 1.0883 (61.8% retracement of 1.0981/1.0724) to signal continuation of bull-leg from 1.0724 (Apr 2 low).
Res: 1.0871; 1.0883; 1.0820; 1.0942.
Sup: 1.0852; 1.0831; 1.0813; 1.0800.
Interested in EUR/USD technicals? Check out the key levels
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