Euro Approaching Breakout Resistance ahead of CPI
By many near-term measures, EUR/USD has already broken out (not the 200DMA at 1.0790). However heading into tomorrow's, US CPI release, the focus is on a possible reaction here at confluent resistance near the 61.8% retracement of the March decline at 1.0836.
A topside breach / daily close above this threshold would expose a possible rally towards the March high-day close (HDC) at 1.0939.
Look for initial support along the 200DMA with a break below this channel needed to invalidate this multi-week advance. Watch the weekly close here.
Michael Boutros
MBForex
A topside breach / daily close above this threshold would expose a possible rally towards the March high-day close (HDC) at 1.0939.
Look for initial support along the 200DMA with a break below this channel needed to invalidate this multi-week advance. Watch the weekly close here.
Michael Boutros
MBForex
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.