Sun, May 22, 2022 @ 11:22 GMT
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EURUSD Near-Term Bears In Play, ECB/US Jobs Data In Focus

The Euro holds stable below thickening daily cloud and cracked daily Tenkan-sen (1.0566) that adds weight on negative near-term tone.

Immediate target at 1.0549 (Fibo 61.8% of 1.0493/1.0638 upleg) is eyed, with close below here needed to confirm lower top at 1.0638.

Strong bearish setup of daily studies supports scenario of full retracement of 1.0493/1.0638 correction and fresh bearish extension on firm break below 1.0493 base (lows of 22Feb / 02 Mar).

However, fundamentals are likely to influence near-term action, with today’s US ADP data seen as indication for more significant US NFP numbers on Friday, which are expected to generate stronger signal.

Also, ECB’s policy meeting, due on Thursday, will be closely monitored.

Break out of initial range between 1.0493/1.0638 to define near-term direction.

Res: 1.0566, 1.0585, 1.0605, 1.0637
Sup: 1.0549, 1.0528, 1.0493, 1.0454

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