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EURUSD - Confluence of Support Key to Near-term Outlook

EURUSD - Confluence of Support Key to Near-term Outlook

What’s inside:

  • EURUSD still sporting a bullish posture as long as confluence of support not far below holds
  • A break would shift gears towards 11000
  • On a hold of support, looking for a move to develop towards 11400.

Check out our Trading Guides to find out what’s driving EURUSD, as well as other markets.

At the June monetary policy meeting on Thursday, Draghi and the ECB erred on the dovish-side – the result was minor pressure on the euro, but nothing overly damaging to a currency which is still viewed through a sound technical lens. That is as long as support levels not far below hold. The mid-111s are the focus as important support, an area which dates back to August of last year. A key bullish reversal on 5/30 on a failed attempt to break through helped cement this area as significant. Coming into confluence with price support is a rising trend-line beginning back in April. A touch and reverse at that juncture could offer an attractive spot for traders to join the trend higher. Should it break, then a gear shift towards seeing a deeper retracement back towards 11000 becomes the focus.

On the top-side, there is a thicket of resistance levels EURUSD must clear through; the anticipation on this end is that as long as support holds on the current dip we will see a move towards the upper end of the resistance zone ending not far beyond the 11400 threshold. Resistance levels are in close proximity to one another, starting with the 6/2 high at 11285, 11300, 11327, 11366, then 11428. On any move which progresses into those levels we’ll keep a watchful eye out for reversal activity indicating the move may have come to an end.


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---Written by Paul Robinson, Market Analyst

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.