EURUSD: Outlook Higher Medium Term Despite Price Hesitation

[FXTechstrategy Team]

EURUSD: EUR may have closed slightly lower the past week but continues to hold on to its medium term uptrend. It looks to extend its strength through its resistance at the 1.3403 level. If this is seen, further upside is likely towards the 1.3500 level followed by the 1.3480 level. Its weekly RSI is bullish and pointing higher supporting this view. Conversely, on any pullback, the pair will aim at 1.3256 level where a violation will call for a run at the 1.3200 level. Further down, support comes in at the 1.3150 level and then the 1.3100 level. All in all, EUR continues to retain its broader medium term upside bias.

 

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The EURUSD price is going towards the resistance line – which is not a lofty target. The resistance line would probably be breached to the upside sooner or later.

 

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On the EURUSD, and this time around, the new low to be tested is the support line at 1.2900, after it would have breached the support line at 1.2950 to the downside.

 

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As long as the indicators confirm the bearish mode, the price could go on towards the support line of 1.2750.

 

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On the EURUSD, the present pullback is expected to be temporary in nature. Today or tomorrow, it may be possible for this pair to end up trading above the resistance line of 1.3200.

 

[Ary Barroso]

Last week was very frustrating for me, because I expected buy moves on EURUSD and I had a buy trade on this volatile pair; whatever, I have already lost this trade. By the way, till now I am hoping that buyer will comeback very soon.