HomeContributorsTechnical AnalysisEUR/USD Outlook: Violation Of 1.1447/22 Support Zone Would Spark Further Weakness

EUR/USD Outlook: Violation Of 1.1447/22 Support Zone Would Spark Further Weakness

The Euro came under pressure in early European trading on Tuesday and eased from Asian high at 1.1489, shifting near-term risk lower, after Monday’s positive close signaled that strong two-day pullback may be over.

Solid supports at 1.1447 (10SMA), 1.1434 (Fibo 38.2% of 1.1215/1.1569) and 1.1422 (20SMA) underpin for now but the structure could weaken on break lower.

South-heading daily momentum and slow stochastic support negative scenario, as the single currency could be pressured further if sterling falls after Brexit vote.

Break below 1.1447/22 support zone would risk bearish extension towards 55SMA (1.1380) and Fibo 61.8% support at 1.1350.

Conversely break and close above daily cloud would sideline downside risk and shift focus higher.

Res: 1.1474, 1.1486, 1.1540, 1.1569
Sup: 1.1447, 1.1434, 1.1422, 1.1380

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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