- The recent bullish attempt in EUR/USD has run out of legs in the key resistance area near 1.1750, matching last week’s tops.
- Spot, however, remains unable to clear the base of the daily cloud on a more sustainable fashion, which would allow for a run to the 1.1790/1.1800 band, or monthly peaks.
- Last Tuesday’s bearish ‘outside day’ forced the pair to drop to the 1.1570 region, sparking a strong rebound afterwards exclusively on the back of USD-selling.
- On the downside, the 21-day/21-hour SMA offers string contention ahead of the recent lows in the 1.1575/70 band.
- Near term, spot remains neutral/bearish while below last Monday’s tops at 1.1790.
Daily high: 1.1751
Daily low: 1.1689
Support Levels
S1: 1.1653
S2: 1.1583
S3: 1.1540
Resistance Levels
R1: 1.1766
R2: 1.1809
R3: 1.1878
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