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


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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

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