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Last week EURUSD looked poised to take out the 1.1260 key resistance level on the back of its aggressive rally from the 2015 lows. However the pair struggled to maintain higher ground after testing the level as new support during Friday’s session.
The technical outlook for the Euro is much clearer than that of the fundamental outlook, which remains elusive to say the least. With the pair once again below 1.1260 we can watch for bullish price action on a retest of the 1.1035 level.
This area can be seen acting as strong resistance on several occasions between March and April. Bullish price action from this area could present a favorable buying opportunity.
Keep in mind that with the continued likelihood for increased volatility for the Euro, the daily time frame is the preferred approach to trading any price action setups.
Summary: Watch for bullish price action on the daily time frame on a retest of 1.1035 as new support. Key resistance comes in at 1.1260 and 1.1530.
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Last week EURUSD looked poised to take out the 1.1260 key resistance level on the back of its aggressive rally from the 2015 lows. However the pair struggled to maintain higher ground after testing the level as new support during Friday’s session.
The technical outlook for the Euro is much clearer than that of the fundamental outlook, which remains elusive to say the least. With the pair once again below 1.1260 we can watch for bullish price action on a retest of the 1.1035 level.
This area can be seen acting as strong resistance on several occasions between March and April. Bullish price action from this area could present a favorable buying opportunity.
Keep in mind that with the continued likelihood for increased volatility for the Euro, the daily time frame is the preferred approach to trading any price action setups.
Summary: Watch for bullish price action on the daily time frame on a retest of 1.1035 as new support. Key resistance comes in at 1.1260 and 1.1530.
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