Thu, Jun 08, 2023 @ 09:46 GMT
HomeContributorsTechnical AnalysisEUR/USD: Euro Hits One-Year High after Disappointing US PPI/Jobless Claims Data

EUR/USD: Euro Hits One-Year High after Disappointing US PPI/Jobless Claims Data

The Euro rose to one-year high on fresh acceleration through psychological 1.10 barrier and former top at 1.1032 (Feb2), lifted by weaker dollar on below-expectations US CPI and jobless claims/PPI miss.

Weekly close above broken pivot at 1.0942 (50% retracement of 1.2349/0.9535 / 100WMA) is needed to confirm bulls, with sustained break of former high (1.1032) to generate initial signal of bullish continuation, after larger uptrend paused for two-month (Feb/Mar) correction.

Bulls eye next targets at 1.1200/74 (200WMA/Fibo 61.8%), as the pair is on track for the fourth consecutive weekly gain.

Firmly bullish daily technical studies support the action, though overbought conditions warn that bulls may run out of steam and pause for consolidation in coming sessions.

Dip-buying is expected to remain favored in current conditions, with broken Fibo 50% barrier and rising 10DMA (1.0942/24) to contain extended dips and offer better levels to re-enter bullish market.

Only return and close below rising 20DMA (1.0861) would sideline bulls and risk deeper correction.

Res: 1.1100; 1.1154; 1.1200; 1.1274.
Sup: 1.1032; 1.1000; 1.0924; 1.0861.

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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