Technical Analysis

Technical Outlook: EURUSD Remains Bearishly Aligned After Yesterday's Fall, US CPI Data In Focus For Fresh Signals


The Euro bounces above 1.1900 handle on Thursday, consolidating after strong fall on Wednesday.

Bearish acceleration was contained by daily Kijun-sen (1.1877) which now acts as initial support.

Bulls on daily chart studies are losing traction and showing increasing risk for further extension of pullback. Sustained break below Kijun-sen pivot would open support at 1.1826 (Fibo 61.8% of 1.1662/1.2092 rally) with stronger bearish acceleration seen on violation.

Initial resistance at 1.1920 remains intact for now, with stronger recovery attempts to open 10SMA at 1.1934 and pivotal daily Tenkan-sen at 1.1979.

US inflation data are expected to be the key driver today.

Res: 1.1920, 1.1934, 1.1979, 1.2000
Sup: 1.1877, 1.1826, 1.1800, 1.1763

Author: Windsor Brokers LtdWebsite:
Windsor Brokers Ltd
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
More from the author