HomeContributorsTechnical AnalysisEURUSD Lacks Clearer N/T Direction Signal While Trading Within 1.0657/1.0773 Congestion

EURUSD Lacks Clearer N/T Direction Signal While Trading Within 1.0657/1.0773 Congestion

The Euro eases from session high at 1.0738 in early Europe, but holding so far within near-term 1.0657/1.0773 congestion.

Weaker dollar keeps the single currency supported, along with bullishly aligned daily studies.

Daily Tenkan-sen is underpinning at 1.0680 and guarding pivot at 1.0657 (26/27 Jan higher base).

However, weekly close in long-legged Doji may signal stall of the rally from 1.0339 (03 Jan low), while 1.0773 peak stays intact.

Break out of 1.0657/1.0773 range is needed to give initial direction signal as near-term technicals are mixed.

Loss of 1.0657 trigger would risk weakness through 1.0607 (Fibo 38.2% of 1.0339/1.0773) and 1.0586 (55SMA) that would expose key near-term support at 1.0560 (daily cloud base, reinforced by Kijun-sen line).

On the other side, violation of multiple rejections at 1.0770 zone, would open upper pivot at 1.0824 (daily Ichimoku cloud top) and signal resumption of bull-leg from 1.0339 on firm break higher.

Res: 1.0738, 1.0773, 1.0824, 1.0872
Sup: 1.0680, 1.0657, 1.0607, 1.0586

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.

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