Euro has rallied more than 2% against the US Dollar from the yearly lows registered last week with the advance now consolidating just below down-trend resistance. These are the updated targets and invalidation levels that matter on the EUR/USD[2] charts heading into the close of the week. Review this week's Strategy Webinar for an in-depth breakdown of this oil[4] price setup and more.[1][3]
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Euro Price Chart – EUR/USD Daily
Chart Prepared by Michael Boutros, Technical Strategist; EUR/USD on Tradingview[7][8]
Technical Outlook: In my latest EUR/USD Price Outlook we highlighted this descending pitchfork formation extending off the yearly highs – a break below the median-line saw a test of the lower parallel last week with the subsequent rally now testing downtrend slope resistance at the 75% parallel. Price has been in consolidation for the past few days just below this threshold and we’re looking for the break for guidance. [9]
A topside breach targets the 61.8% retracement at 1.1265 backed by the upper parallel / 1.13 – a close above this threshold is needed to suggest a larger price reversal is underway targeting 1.1347/62. Initial support rests at 1.1186 backed by the median-line / 1.1107- Key support at the yearly low-day close at 1.1075 – weakness beyond this point would mark resumption of the broader downtrend. [10]
Euro Price Chart – EUR/USD 120min
Chart Prepared by Michael Boutros, Technical Strategist; EUR/USD on Tradingview[11][12]
Notes: A closer look at EUR/USD price
