Euro Technical Forecast: EUR/USD, EUR/CHF, EUR/AUD, EUR/CAD
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EUR/USD, EUR/CHF, EUR/AUD, EUR/CAD, Technical Analysis – Talking Points
- EUR/USD avoids rising trend line breakout for now
- EUR/CHF facing converging support and resistance
- EUR/AUD may bounce, EUR/CAD could push higher
EUR/USD Technical Outlook
The Euro could push higher against the US Dollar after EUR/USD adhered to rising support from May. Prices were unable to close under the trend line, leaving behind a wick that paused right on key support between 1.1696 and 1.1736. However, the pair remains in a fairly neutral setting. The upper bound of resistance seems to sit in the 1.1932 – 1.2011 range. Pushing above this area exposes the 2017 high at 1.2092.
EUR/USD - Daily Chart
EUR/CHF Technical Outlook
The Euro is in a consolidative setting against the Swiss Franc. This is as EUR/CHF ranges around converging support and resistance. The former is the rising trend line from May. The latter is descending resistance from 2018. With that said, the 50-day Simple Moving Average (SMA) could reinstate the focus to the upside. Still, if prices push higher, key resistance sits above at 1.0838 followed by 1.0863 on the way to the May high.
EUR/CHF - Daily Chart
EUR/AUD Technical Outlook
The Euro remains tamed against the Australian Dollar, with EUR/AUD trading between 1.6590 and 1.6034 since June. That said, a breakout outside of this range could catalyze a deeper push in the direction that unfolds. From here, prices may bounce off support and push towards the 1.6498 – 1.6590 resistance zone. A further close above that exposes late-May peaks. Otherwise, a drop from here has 2019 lows in sight.
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EUR/AUD - Daily Chart
EUR/CAD Technical Outlook
The Euro may push higher against the Canadian Dollar ahead. That is because EUR/CAD recently broke above a bullish Falling Wedge chart pattern. Still, resistance seems to be holding around 1.5638. A push above this price could open the door to retesting February highs. Guiding the pair higher seems to be the rising trend line from late May.
EUR/CAD - Daily Chart
--- Written by Daniel Dubrovsky, Currency Analyst for DailyFX.com
To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.