HomeContributorsTechnical AnalysisTechnical Outlook: EURUSD – Politics Would Be Likely Main Driver For The...

Technical Outlook: EURUSD – Politics Would Be Likely Main Driver For The Euro Today

The Euro holds positive near-term tone and extended recovery on Thursday after repeated strong downside rejections at 1.1730 and subsequent bounce added to the upside potential. Recovery extension stalled in early European trading at pivotal 1.1822 barrier (Fibo 61.8% of 1.1879/1.1730 downleg/4-hr cloud top) with rising concerns over Catalonia weighing on single currency. Increased downside risk could be expected on sustained break below 4-hrr cloud base (1.1774) which would attract key n/t support at 1.1730 for retest. Bullish scenario requires sustained break above 1.1822 to signal further recovery and expose barriers at 1.1851 (daily Kijun-sen) and 1.1879 (12 Oct high). With no releases from the EU today, technicals and situation in Catalonia are expected to be Euro’s main drivers today.

Res: 1.1800, 1.1822, 1.1851, 1.1879
Sup: 1.1774, 1.1730, 1.1702, 1.1669

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

Featured Analysis

Learn Forex Trading