EUR USD TECHNICAL ANALYSIS FORECAST
EUR/USD dropped since February last record sharply below 1.21 last week.
Only strong break down of 1.1960 key support confirmed medium term topping.
The upside of recovery should be broken up by 1.2340 resistance to bring another record.
break down Below last lows last week 1.2054 will target 1.1960.
The ECB will need to inform the markets by June–July as to whether it will extend the APP. If the ECB does manage to wind down the APP, it might then set out a blueprint for rate hikes within the year. The markets are expecting the first rate hike to take place around the middle of 2019.
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| EURUSD price chart |
EUR/USD technical analysis
Failed to take out 1.2560 resistance and retreated, break up again on daily basis 1.2560 price level will confirm medium term rally resumption and target next key Fibonacci level at 1.2860
However, sustained price below will extend the consolidation pattern from 1.2091 key support with another decline through 1.1760 support.
last day candle was a bullish sign for EUR USD but is still early to determine the direction surely
It’s still early to decide whether price action form 1.0339 is developing into a corrective or impulsive pattern, in the bigger picture this is still seen as a corrective move for the moment.
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| EUR USD ANALYSIS |
In case of another rally, we’d expect 38.2% retracement of 1.6039 to 1.0339 at 1.2560 to limit upside and or even to yellow strip at 1.2830 and bring reversal.
Meanwhile, EUR/USD remains mildly on the upside.
This review does not including any document and/or file attached to it as an advice or recommendation to buy/sell securities and/or other advice
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