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EUR/USD – Bulls need to defend 1.1429 this month

FX_IDC:EURUSD   EURO / US DOLLAR
EUR/USD – 1.1429 is a strong support this month

Resistance – 1.1534, 1.1714, 1.1773

Support – 1.1429, 1.1330, 1.1203

  • Euro’s failure to take out/sustain above 1.1534 on daily closing basis if followed by a break below 1.1429 (today’s low) could result in a minor sell-off to 5-MA on monthly chart seen currently at 1.1203.
  • The area between 1.1430-1.1534 has acted as strong resistance throughout last one year. Pair also struggled around 1.1450 last month before finally breaching through the same today.
  • Despite this, if the pair drops below 1.1429, bulls are likely to see a short-term loss of control.
  • On the higher side, a daily close above 1.1534 shifts risks in favor of extension of the rally to 1.16. On charts, a major hurdle is seen only at 1.1714.
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