Wed, Feb 01, 2023 @ 06:28 GMT
HomeContributorsTechnical AnalysisEUR/USD: Near-Term Structure Remains Bullishly Aligned But Needs More Signals for confirmation

EUR/USD: Near-Term Structure Remains Bullishly Aligned But Needs More Signals for confirmation

The Euro remains constructive, although moving within a narrow range on Thursday, following previous day’s 0.55% bounce.

The action is still struggling to clearly break above daily Tenkan-sen (1.0616), which is needed to firm near-term structure and open way for further recovery from 1.0519 (Jan 3 low).

Momentum indicator broke into positive territory, though other indicators are still in mixed mode and lack clearer signal.

Broken Fibo resistance at 1.0587 (38.2% of 1.2266/0.9535) reverted to support and should hold to keep fresh bulls in play, while dip and close below daily Kijun-sen (1.0564) would soften near-term tone and signal recovery stall.

Res: 1.0616; 1.0635; 1.0683; 1.0713.
Sup: 1.0590; 1.0578; 1.0564; 1.0519.

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