Sat, Jan 28, 2023 @ 20:13 GMT
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Technical Outlook: EURUSD Eases After Upside Rejection, Eyes US Data For Fresh Signal

The Euro is holding in red in early Friday’s trading, following upside rejection at Kijun-sen barrier (1.1880) on Thursday.

Action in Asia was capped at 1.1850 and fresh weakness in early European trading is testing initial support at 1.1820 (20SMA/hourly cloud base).

Negative signal is generating on reversal of slow stochastic from overbought zone on daily chart.

Bears could extend further on profit-taking from strong rally in past five days and challenge next pivotal support at 1.1774 (daily Tenkan-sen/10SMA).

Break and close below the latter would signal lower top and expose key supports at 1.1702 (daily cloud base) and 1.1669 (06 Oct low).

Alternatively, sustained break above the upper pivots at 1.1880 (Kijun-sen) and 1.1906 (daily cloud top) will be bullish.

US CPI and Retail Sales data are in focus today for fresh signals.

Res: 1.1850, 1.1880, 1.1906, 1.1930
Sup: 1.1815, 1.1795, 1.1774, 1.1749

Windsor Brokers Ltd
Windsor Brokers Ltd
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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