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Thursday’s EUR/USD Outlook

Thursday’s EUR/USD Outlook

The Euro regained levels above 1.35 handle after finding ground at 1.3460, just ahead of strong support at 1.3450, 20/08 previous high and 50% retracement of 1.3337/1.3567 rally. The price action moves towards the upper boundary of near-term range at 1.3550, with improved hourly structure and positive 4-hour studies, setting scope for possible fresh attack at key near-term barrier and peak at 1.3567. Break here to resume larger uptrend that commenced from 1.2754, with weekly close above 1.3567/1.3600 barriers, required to confirm bulls and open way towards short-term target at 1.3710, 01/02 annual high. To keep the structure intact, support at 1.3450 must hold dips. Previous resistance at 1.3500 offers immediate support that is reinforced by hourly Ichimoku cloud top.

  • Res: 1.3536; 1.3547; 1.3567; 1.3600
  • Sup: 1.3500; 1.3461; 1.3450; 1.3425

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