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EUR/USD - US session outlook

FX:EURUSD   Euro Fx/U.S. Dollar
Resistance - 1.1173, 1.1196, 1.1236

Support - 1.1122, 1.1101, 1.1088

  • Euro's rebound from the low of 1.1022 has put in place a higher bottoms formation on the hourly chart., however, a failure to take out hourly 100-MA of 1.1152 followed by a break below daily low of 1.1122 could shift risk in favor of a drop to 1.11-1.1088 levels.
  • Note, the daily RSI is yet to hit the oversold territory despite a retreat from a 1.1616. Hence, scope for fall exists.
  • Nevertheless, daily 100-MA level of 1.1173 could be put to test if the US personal spending and income data shows an uptick in the savings rate.
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