EUR/USD Price Outlook: Euro Constructive Above 1.14
Euro rebounded off slope support last week with the rally now targeting a key pivot zone. These are the targets & invalidation levels that matter on the EUR/USD charts.
EUR/USD recovery testing first major resistance hurdle- price remains constructive above 1.14
Euro is testing a critical pivot range after rebounding off slope support last week at the 1.13-handle. Here are the updated targets and invalidation levels that matter on the EUR/USD charts heading into Jackson Hole this week. Review this week’s Strategy Webinar for an in-depth breakdown of this setup and more.
EUR/USD DAILY PRICE CHART
Technical Outlook: In my latest Analyst Pick, we highlighted a key weekly support barrier in EUR/USD around the 1.13-ahndle while noting that, “IF price is going to get a near-term recovery, this would be a good place to look- willing to play the long-side for now.” Euro has rallied more than 2% off the lows with the price now testing a critical pivot range at 1.1530/54 – a region defined by the 2016 high-close and the November low. Looking for a near-term reaction here.
A breach / close above this threshold is needed to fuel the next leg higher targeting the 50-line, just shy of 1.16, and the highlighted slope confluence around ~1.1660. Interim support rests at 1.1437/48 with bullish invalidation now raised to the low-day close at 1.1345.
EUR/USD 240MIN PRICE CHART
Notes: Our ‘bottom line’ in last week’s Euro Scalp Report cited that, “The immediate short-bias is vulnerable heading into these support targets with a breach above 1.1448 needed clear the way for a larger recovery.” A closer look at price action further highlights this level as near-term support now with the risk still higher while above the weekly opening range lows. Initial topside resistance objectives at 1.1576 backed by 1.1652/60.
