The EURUSD jumped higher yesterday, in the context of the short term uptrend that started from 1.0340 in early January. The price maintains the series of higher highs and higher lows; however, it faces an immediate medium term significant resistance area starting at 1.0796, and extends to 1.0875. This should play a key role in determining if the uptrend is to extend.
Until there is a clear breakout above 1.0875 we prefer to get out of long positions and look for re-entry at lower levels.
Until there is a clear breakout above 1.0875 we prefer to get out of long positions and look for re-entry at lower levels.
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Short term key support and resistance
1.0770 1.0720 1.0660
1.0800 1.0870
1.0770 1.0720 1.0660
1.0800 1.0870
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Short term scenarios:
Bullish on a break above 1.0800, targeting 1.0870.
Bearish below 1.0770, targeting 1.0720.
Bullish on a break above 1.0800, targeting 1.0870.
Bearish below 1.0770, targeting 1.0720.
For a shorter term perspective, the price has encountered some selling pressures and being rejected of the resistance area we outlined. Stochastic is on the verge of a bearish crossover. Accordingly, if we dip back below 1.0770 support level today, we might see a deeper correction targeting 1.0720.