• 511 days Will The ECB Continue To Hike Rates?
  • 511 days Forbes: Aramco Remains Largest Company In The Middle East
  • 513 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 913 days Could Crypto Overtake Traditional Investment?
  • 918 days Americans Still Quitting Jobs At Record Pace
  • 920 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 923 days Is The Dollar Too Strong?
  • 923 days Big Tech Disappoints Investors on Earnings Calls
  • 924 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 926 days China Is Quietly Trying To Distance Itself From Russia
  • 926 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 930 days Crypto Investors Won Big In 2021
  • 930 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 931 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 933 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 934 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 937 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 938 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 938 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 940 days Are NFTs About To Take Over Gaming?
  1. Home
  2. Markets
  3. Other

EUR/USD Bearish Momentum Unwinds From Oversold Conditions

EUR/USD's bearish momentum is temporarily unwinding, having overstretched beneath psychological support at 1.3000. Our model portfolio remains short, with a breakeven stop.

While the market holds beneath 1.3000, expect the important multimonth reversal pattern to extend into 1.2626 (16 Jan swing low).

Meanwhile, only a sustained daily close back above 1.3000 and 1.3284 (01st May high), puts this scenario on hold for a potential recovery into our upside target zone at 1.3412/60 (200-day average).

Inversely, the USD Index recovery has paused above its multi-week triangle consolidation. Support remains at 79.80 and 78.40.

Expect these levels to act as one of the last points of defence for a relaunch of the greenback's recovery which is still part of the bullish cycle into 80.73 (15th March high) and 81.78 (13th Jan swing/12 month high).

Daily Technical Report

 

Read the Report

Back to homepage

Leave a comment

Leave a comment