Tue, Sep 27, 2022 @ 04:53 GMT
HomeContributorsTechnical AnalysisTechnical Outlook: EURUSD – Correction To Precede Fresh Upside

Technical Outlook: EURUSD – Correction To Precede Fresh Upside

The Euro is holding in extended consolidation under fresh one-year high at 1.1445wher renewed upside attempts on Friday were rejected. Consolidation is so far holding within narrow range, but deeper correction of last week’s strong rally is likely. Slow stochastic is turning south in deep overbought territory on daily chart and RSI is also reversing after brief probe into overbought zone. Firm break below 1.1400 handle is needed to signal pullback and expose supports at 1.1368 (Fibo 23.6% of 1.1188/1.1445/hourly cloud base) and more significant 1.1320 (Fibo 38.2%) and 1.1300 (former tops). Dip-buying scenario remains in play, as broader uptrend from 1.0340 (2017 low) is looking for further extension higher. Deeper pullback would face next supports at 1.1280 zone (converged daily Tenkan-sen/Kijun-sen) and needs to find ground above 1.1243 (20SMA/Fibo 61.8%) to keep bulls in play.

Res: 1.1426, 1.1445, 1.1500, 1.1550
Sup: 1.1368, 1.1320, 1.1300, 1.1280

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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