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EUR/USD US session outlook – Supp at 1.13-1.1296

FX:EURUSD   Euro Fx/U.S. Dollar
Resistance – 1.1342, 1.1372, 1.14

Support – 1.1296, 1.1236, 1.12

  • Euro dipped as expected on strong US data release. The retail sales report showed across the board strength and hence, the currency pair is likely to stay under pressure heading into the weekend.
  • The immediate support is seen at 1.1296 (daily 50-SMA) which is likely to be put to test.
  • Also note 1.13 is a major trend line support – Trend line joined from March 2015 low-April 2015 and extended comes to 1.13.
  • A weak closing today would also push daily RSI below 50.00, adding to bearish concerns. We have already had bearish break from rising channel on 4-hr chart.
  • Hence, a violation at 1.13 next week or today could prove fatal for EUR bulls. Bearish invalidation is seen only if prices move back above 1.1465 on day end closing basis.
The weakness seen in EUR/USD             was anticipated and noted well in advance here on conditions that if fails to sustain gains above critical technical zone of 1.1429-1.1534 levels.
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