Thu, Mar 23, 2023 @ 02:36 GMT
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Technical Outlook: EURUSD – Recovery Rally Could Extend On Break Above 1.0700/20 Pivots

The Euro is consolidating under fresh recovery high at 1.0676, posted overnight, after strong rally in late Wednesday, inspired by comments from President Trump about too strong dollar.

The rally could be seen as correction of broader fall from 1.0905 to 1.0568, which is now eyeing pivotal barriers at 1.0700/14 (Fibo 38.2% of 1.0905/1.0568 descend / daily Kijun-sen), break of which could trigger further recovery towards Fibo 50% and 61.8% levels at 1.0736 and 1.0776 respectively.

Initial bullish signal was generated on false break below daily cloud and subsequent rally above the cloud.

In addition, break above 10SMA (currently at 1.0640) was another boost for the pair, which is on track for bullish weekly close after two weeks in red.

Corrective easing should hold above broken Tenkan-sen line (currently at 1.0628) to keep in play hopes for attack and break above 1.07 pivot.

Res: 1.0676, 1.0700, 1.0720, 1.0736
Sup: 1.0640, 1.0628, 1.0613, 1.0583

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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