Euro struggles at resistance- Monthly range breakout pending
We first highlighted the threat for topside exhaustion in EURUSD back on May 1st - "Euro has broken multi-week channel support after failing to secure a breach of key resistance at 1.1033/70."
Five-subsequent attempts to breach this range have failed with price testing the monthly opening-range lows today - looking for a breakout of this range for guidance with the advance still vulnerable sub-1.1070.
Initial support unchanged at 1.0874 with bullish invalidation steady at 1.0737- losses should be limited to this threshold IF price is heading higher.
Topside breach would keep the focus on 1.12 & 1.1275.
Related Content:
Euro short-term outlook: EUR/USD resistance on Fed- ECB, NFP on tap
Michael Boutros, Sr Technical Strategist with FOREX.com
MBForex
Five-subsequent attempts to breach this range have failed with price testing the monthly opening-range lows today - looking for a breakout of this range for guidance with the advance still vulnerable sub-1.1070.
Initial support unchanged at 1.0874 with bullish invalidation steady at 1.0737- losses should be limited to this threshold IF price is heading higher.
Topside breach would keep the focus on 1.12 & 1.1275.
Related Content:
Euro short-term outlook: EUR/USD resistance on Fed- ECB, NFP on tap
Michael Boutros, Sr Technical Strategist with FOREX.com
MBForex
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.