The euro took back most of its previous week gains to close higher the past week. This development now leaves the pair aiming at the 1.3739 level where a breach will target further upside towards the 1.3800 level, its psycho level.
This view is consistent with its long term uptrend which is on hold due to corrective price action. Conversely to annul its past week gains it will have to return to the 1.3476 level.
Further down, support comes in at the 1.3400 level, representing its psycho level where a breach will aim at its weekly 200 ema at the 1.3346 level.
Additionally, support stands at the 1.3300 level where a break will target the 1.3250 level and possibly lower towards the 1.3200 level. All in all, EUR remains biased to the downside below its broken trendline.
Guest post by FX Tech Strategy.
For more, see the EURUSD forecast.
Share
