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EUR/USD Technical Outlook: Euro Enters Week with Uncertainty

EUR/USD Technical Outlook: Euro Enters Week with Uncertainty

What's on this page

EUR/USD Price Technical Outlook: Neutral

  • EUR/USD leaning lower at the moment, but…
  • Could reverse back higher, making the outlook difficult
  • Watch the recent high/low levels for cues
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Euro enters week with a bit of uncertainty

EUR/USD leaves us with something to be desired in terms of directional cues as we enter a new week, but there are some levels/lines to watch that could help shape the trading outlook. At the moment the euro is turning lower within the short-term confines of a channel on the hourly chart.

But this structure could be snapped and how things play out on the daily will ultimately determine the broader outlook. A breakout above 11830 is needed to create a more convincing bullish case that could see price rise back up towards the 12000 high.

Conversely, a breakdown below 11612 is required to create a lower low that puts EUR/USD on path for more selling. With how low volatility has been recently, we could see price stay contained within these two thresholds until a strong enough catalyst can kick things into gear one way or the other.

In sum, this makes the next week potentially a difficult one to trade for those looking for a sustained move. Short-term traders may be able to continue using the hourly channel as a guide until it is snapped.

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EUR/USD Daily Chart (watch recent high/low)

EURUSD Price Chart

EUR/USD Chart by TradingView

EUR/USD Hourly Chart (watch downward channel)

EURUSD Hourly Chart

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Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

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