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Euro Forecast: EUR/USD Price Outlook Still Positive, Reaching for 1.22
2021-05-09 00:00:00
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  • *Reminder: Weekly Strategy Webinar tomorrow morning at 8:30AM EST (12:30 GMT) on DailyFX!! https://t.co/lxd5fZnn4H
  • The US Dollar plummeted on the heels of NFP with an outside-weekly reversal risking further May losses. Here are the levels that matter on the $DXY charts. Get your market update from @MBForex here: https://t.co/62p4Gd5E2c https://t.co/S6FwI8x3uK
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here: https://t.co/8A1QhwMVKo https://t.co/ttuTdWFDD5
  • Long $USDCNH was one of my favorite setups for the 2nd quarter btw. I maintain, I like the fundamentals; but the greenback's recent battering needs to relent before this can perform
  • The Dollar's tumble this past week was an abrupt one. We'll see if inflation pressures trigger a shift in risk and rate expectations in the US which could turn the USD's bearings. Meanwhile, a pair I haven't highlighted ... https://t.co/yXl1aoOlIy https://t.co/TWV7tqv2y8
  • $DOGEUSD's daily range post Elon SNL spot is 0.2900. That may not sound like a lot but the current spot rate is ~ 0.5600. The lower wick (reversal from Sunday's low) is a 35% recovery from the low. A speculator's market, not an investor's. https://t.co/hAjg8YO7xA
  • What are some factors driving AUD? Get your free forecast for this quarter here:https://t.co/z85CIVYiuK #DailyFXGuides https://t.co/ZhVyZvw5Ii
  • Last week ended well for $EURUSD, with Friday’s shockingly poor US jobs data giving it a lift, and this week could well see its advance extend if it can break conclusively above resistance at 1.2150. Get your market update from @MartinSEssex here: https://t.co/EFPGUI8Uxc https://t.co/LZA6oXsmJO
  • $GBPUSD broke higher from a Symmetrical Triangle pattern late last week. Meanwhile, $EURGBP remains largely rangebound. Get your market update from @FxWestwater here: https://t.co/hnjGCww0ET https://t.co/0LcIv5Yudg
  • The continuity seen across these volatility cycles is a good thing. Historical precedence offer a blueprint for identifying conditions supportive for a vol-event to occur, and how they may unfold. Deepen your knowledge of historical volatility here: https://t.co/vg7w10la3j https://t.co/0gwSneZjOL
EURUSD Classic Technical Report 07.16.2012

EURUSD Classic Technical Report 07.16.2012

Ilya Spivak, Head Strategist, APAC

Prices are testing key support at 1.2177, a level dating to May 2010, with a break lower initially exposing the 1.21 figure. A bullish Engulfing candlestick pattern and positive RSI divergence warns that an interim bounce may materialize before renewed downside however. Near-term resistance lines up at 1.2249, with a break above that exposing upside objectives at 1.2333 and 1.2433.

EURUSD_Classic_Technical_Report_07.16.2012_body_Picture_5.png, EURUSD Classic Technical Report 07.16.2012

8hr Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to ispivak@dailyfx.com

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

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