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EUR/USD European session outlook

FX_IDC:EURUSD   EURO / US DOLLAR
Resistance – 1.1088-1.1098, 1.1170, 1.12

Support – 1.1008, 1.0970, 1.0911

  • Pair’s rebound from falling channel support following two consecutive failed attempts to see a day end closing below channel support indicates bears could have run out of steam and the pair could take out 1.1098 (200-DMA) and test rising trend line hurdle at 1.1160-1.1170 levels.
  • On the other hand, a breakdown of channel support at 1.1008 would expose 1.0970 (previous day’s low). A daily closing below 1.0970 would signal continuation of the retreat from the high of 1.1616 levels.
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