Tue, Jan 31, 2023 @ 17:30 GMT
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Technical Outlook: EURUSD – Bulls Eye Target At 1.2164, But Corrective Easing May Precede Fresh Rally

The Euro maintains firm tone and extended gains to fresh 2017 high at 1.2092 on Friday, following previous day’s strong bullish acceleration, driven by Draghi’s comments and weaker US dollar.

Close above psychological 1.2000 barrier on Thursday was strong bullish signal as the pair failed to close above it in previous attempt on 29 Aug, when the price peaked at 1.2070.

The pair is now looking for net target at 1.2166 (50% retracement of larger 1.3992/1.0340 descend), but corrective easing on Friday’s profit-taking may precede fresh upside action.

Broken 1.2000 barrier now acts as initial support, ahead of rising 10SMA (1.1940) which is expected to contain correction.

Res: 1.2070, 1.2092, 1.2164, 1.2200
Sup: 1.2017, 1.2000, 1.1940, 1.1900

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