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Technical Outlook: Euro Remains Firm At The Beginning Of The Week And Holding Above The Mid-Point Of 1.1020/1.0838 Fall

The Euro remains firm at the beginning of the week and holding above the mid-point of 1.1020/1.0838 fall, following strong rally on Friday that neutralized threats of breaking below key support zone between 1.0850 and 1.0824.

Rising 20SMA contained pullback and is underpinning recovery rally which generated bullish signals on break above pivots at 1.0917/29 (10SMA / daily Tenkan-sen).

Technical studies on daily chart returned to full bullish setup and support further upside which may result on renewed attack at psychological 1.1000 barrier.

Weaker dollar on disappointing US data and rising tensions with North Korea may further inflate the single currency, together with overall positive sentiment in the Euro bloc after the victory of Emmanuel Macron in French presidential election.

Broken 10SMA offers immediate support at 1.0917, followed by 1.0900 level which should contain corrective dips and keep fresh near-term bullish structure intact.

Stronger bearish signal could be expected on extension below rising 20SMA (currently at 1.0870) which would re-expose pivotal supports at 1.0848 (Fibo 38.2% of 1.0568/1.1020 upleg), 1.0838 last week’s correction low) at 1.0824 (200SMA).

Res: 1.0951, 1.0977, 1.1000, 1.1020
Sup: 1.0917, 1.0900, 1.0870, 1.0848

Windsor Brokers Ltd
Windsor Brokers Ltdhttp://www.windsorbrokers.com/
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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