Euro Technical Price Outlook: EUR/USD Near-term Trade Levels
- Euro[1] updated technical trade levels – Daily & Intraday Charts
- EUR/USD[2] trading just above technical support ahead of FOMC[3] rate decision
- Immediate focus is on daily close with respect to 1.1017/19
Euro[4] has plummeted more than 2% against the US Dollar[5] since the start of the year with EUR/USD[6] now trading just above a technical support barrier ahead of today’s FOMC[7] interest rate decision. These are the updated targets and invalidation levels that matter on the EUR[8]/USD[9] price charts heading into the release. Review my latest Weekly Strategy Webinar[10] for an in-depth breakdown of this Loonie[11] trade setup and more.
Euro Price Chart – EUR/USD Daily
Chart Prepared by Michael Boutros[12], Technical Strategist; EUR/USD on Tradingview[13]
Technical Outlook: In my last Euro Price Outlook[14] we noted that the EUR/USD[15] recovery was approaching, “Initial resistance objectives at 1.1166 and 1.1180/86 – look for a more significant reaction there IF reached.” Price registered a high at 1.1173 the following day before reversing sharply with the Euro plummeting more than 1.6% to test the December lows.
The immediate focus heading into the FOMC is on today’s close with respect tot the 1.1017/19 Fibonacci[16] confluence – a region defined by 100% extension of the late-December decline and the 61.8% retracement of the October advance. A close below would keep the focus on subsequent support objectives at the 2019 low-week close / November low at 1.0976/82 and 1.0956 – both levels of interest for possible downside exhaustion IF reached.
