Euro Vulnerable After Strong U.S. Data: 15-month uptrend exposed
Friday's robust U.S. jobs report bolstered the US Dollar, prompting the Euro to plummet to its lowest level in eight weeks. The current focus lies on potential downward movements, with key support levels identified at the 15-month uptrend around 1.0740 and the December 2023 low near 1.0724. The weak sell signal observed on the Directional Movement Index (DMI) suggests that these levels may hold during the initial test. The chart's negative bias persists as long as the Euro remains below the 55-day moving average, positioned at 1.0908.
This week, close attention should be paid to the critical support zones at 1.0740/24. A failure to hold at these levels is anticipated to trigger further downside movement, targeting the May 2023 low at 1.0635 initially and lower.
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This week, close attention should be paid to the critical support zones at 1.0740/24. A failure to hold at these levels is anticipated to trigger further downside movement, targeting the May 2023 low at 1.0635 initially and lower.
Disclaimer:
The information posted on Trading View is for informative purposes and is not intended to constitute advice in any form, including but not limited to investment, accounting, tax, legal or regulatory advice. The information therefore has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. Opinions expressed are our current opinions as of the date appearing on Trading View only. All illustrations, forecasts or hypothetical data are for illustrative purposes only. The Society of Technical Analysts Ltd does not make representation that the information provided is appropriate for use in all jurisdictions or by all Investors or other potential Investors. Parties are therefore responsible for compliance with applicable local laws and regulations. The Society of Technical Analysts will not be held liable for any loss or damage resulting directly or indirectly from the use of any information on this site.
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