- Spot is resuming the weekly upside after Thursday’s pullback met some buying interest in the low-1.1500s. Further upside, however, remains conditioned to a sustainable breakout of the 1.1630 area.
- The ongoing up move is still seen as corrective only, although the pair should ideally need to break below the 1.1500 neighbourhood to motivate sellers to return to the market in the near term.
- The upside momentum faded around the 55-day SMA near 1.1630 so far, coincident with peaks seen earlier in the month. On the downside, initial contention turns up at the 10-day SMA at 1.1467, seconded by the 200-week SMA in the mid-1.1300s. If cleared, YTD lows in sub-1.1300 levels should come to the fore.
EUR/US daily chart
Daily high: 1.1580
Daily low: 1.1534
Support Levels
S1: 1.1513
S2: 1.1486
S3: 1.1442
Resistance Levels
R1: 1.1583
R2: 1.1627
R3: 1.1654
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