Short

EURUSD Technical analysis

Updated

EURUSD on the path to re-test of 1.12. The newfound resistance range of 1.1310-1.1325 will likely be scaled in a convincing manner if the PMI's jump above 50.00, signaling a rebound in the factory activity. EURUSD Sell level 1.1320/50 Area first target 1.1260/1.1215 and finally 1.1180 area.
Other side of EURUSD breakout and stable 1.1400 Area first target 1.1448 / 1.1500 and finally 1.1550 Area.

Technical Level

Previous Monthly High 1.1448
Previous Monthly Low 1.1176
Daily Fibonacci 38.2% 1.1307
Daily Fibonacci 61.8% 1.1296
Daily Pivot Point S1 1.1275
Daily Pivot Point S2 1.1254
Daily Pivot Point S3 1.1229
Daily Pivot Point R1 1.132
Daily Pivot Point R2 1.1345
Daily Pivot Point R3 1.1366

Note

EURUSD downward pressure will persist in the upcoming weeks, as for the 1-week and 1-month perspectives, bears account for 67% and 61% respectively of the polled experts. In the quarterly view, however, bulls become a majority with 49% and as bears decrease to 31%. That said, the average targets n the three time frames under study are between 1.12 and 1.13, somehow indicating that bullish interest will remain limited.

Furthermore, in the Overview chart, the moving averages offer downward slopes for the three time frames under study, with a large accumulation of targets below the MA quite notorious in the 1-month view. The spread of possible prices long-term is quite evenly distributed between 1.10 and 1.17, with the moving average showing a softer downward slope, but still heading south.
Resistances for the upcoming days come at 1.1280 and the mentioned 1.1340 area, with a recovery above this last anticipating some upward continuation that could extend up to the 1.1460/70 critical resistance area.

Saleh11

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