Jump to content

Euro Forecast: EUR/USD Bounce Cut Short on ECB – Technical Levels


Recommended Posts

Jul 21, 2022 | DailyFX
Michael Boutros, Strategist

EURO TECHNICAL PRICE OUTLOOK: EUR/USD WEEKLY TRADE LEVELS

  • Euro updated technical trade levels & sentiment – Weekly Chart
  • EUR/USD recovery off downtrends support in focus- threat for topside exhaustion ahead
  • Weekly support 1.0000/24 (key), 9902; resistance 1.0340, 1.0483, 1.0637 (critical)

Euro weakens against the US dollar trading below US$ 1.07 per EUR -  TipsForTrade

Euro is poised to snap a three-week losing streak with EUR/USD rebounding off technical downtrend support after plunging more than 5% in July. The recovery is in focus and we’re on the lookout for possible topside exhaustion on the heels of today’s European Central Bank (ECB) interest rate decision with the broader risk still weighted to the downside while below the monthly open at 1.0483. These are the updated targets and invalidation levels that matter on the EUR/USD weekly price chart. Review my latest Weekly Strategy Webinar for an in-depth breakdown of this Euro technical setup and more.

 

EURO PRICE CHART – EUR/USD WEEKLY

Euro Price Chart - EUR/USD Weekly - Euro vs US Dollar Trade Outlook - EURUSD Technical Forecast

Chart Prepared by Michael Boutros, Technical Strategist; EUR/USD on Tradingview

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • General Statistics

    • Total Topics
      21,632
    • Total Posts
      91,900
    • Total Members
      41,914
    • Most Online
      7,522
      10/06/21 10:53

    Newest Member
    Sobbosachi_728
    Joined 25/03/23 17:38
  • Posts

    • Charting the Markets: 24 March The FTSE 100, DAX 40 and Nasdaq 100 slide on renewed banking woes while EUR/USD, EUR/GBP and GBP/USD drop as the US dollar, gold appreciate due to flight-to-quality flows. Crude oil and copper tumble on recession fears.  Axel Rudolph FSTA | Senior Financial Analyst, London | Publication date: Friday 24 March 2023         This is here for you to catch up but if you have any ideas on markets or events you want us to relay to the TV team we’re more than happy to.  
    • Market Breakdown | WTI Oil, EURUSD, GBPNZD, EURAUDHere are the updates & outlook for multiple instruments in my watchlist.1️⃣ WTI Oil daily time frame️The market is trading in a long term bearish trend .After the last sharp bearish movement, the market is steadily recovering.Ahead, I see a major horizontal supply area.Probabilities are high, that the next bearish wave will initiate from there.2️⃣ EURUSD daily time frameAfter a breakout of a solid daily resistance, the market is preparing for its retest.Watch carefully the underlined zone and look for buying opportunities from there.3️⃣ EURAUD weekly time frameThe pair is currently approaching a weekly horizontal resistance cluster.Taking into consideration, that the pair is quite overbought, probabilities will be high to see a pullback from that4️⃣ GBPNZD daily time frameThe pair is currently retesting a broken neckline of an ascending triangle . As we discussed earlier, the trend line of a triangle and its neckline compose a contracting buy zone now.Chances will be high that the next bullish wave will initiate quite soon.For Additional confirmation use: Divergence Indicators
    • #CHFJPY: Classic Bearish Setup 🇨🇭🇯🇵   🔻CHFJPY has nicely respected a confluence zone based on a horizontal 4H resistance and a 0.5 retracement of the last bearish impulse.   The price formed a double top pattern on that and broke its neckline.   Probabilities will be high that the pair will drop lower soon. Goals: 141.172 / 140.363  
×
×
  • Create New...