EURUSD Technical Outlook

⭐️Key Takeaways⭐️

✔️ EURUSD continues to establish higher highs.
✔️ Third impulse wave greater in size than first wave suggesting bullish momentum after the correction
✔️ Downside correction limited to 1.13 just above the 200SMA on the daily timeframe
✔️ If SPX and XAUSUSD start to correct it could add some shortterm strength to the greenback

⭐️Technical Analysis⭐️

Daily timeframe for EURUSD continues to make higher highs. Upside levels of resistance we should monitor next include the 1.23 and the 1.25 handle.
If we review correlating assets such as GBPUSD, that pair is signaling some topping action with the most recent shooting star candle development. If we get some weakness with GU, that could also add some weakness to EU.

At this stage, I am bearish for EURUSD but will be on close watch for some bottoming action if we do get the expected weakness for then the possibility of entering back on the long continuation trend up towards 1.23 and 1.25.

Regards,
Michael Harding

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Information and opinions contained with this video are for educational purposes only and do not constitute trading recommendations. Trading Forex on margin carries a high level of risk and may not be suitable for all investors.