Forex Technical Outlook For EUR/USD (Overall)
As can be seen from the weekly Friday morning, price remains bid above support at 1.0983. The next Northside target from this line falls in at supply drawn from 1.1533-1.1278, a break below current support targets the 1.0796 region.
Looking at the daily, price printed its 3rd indecision candle Thursday following Wednesday’s bounce off support at 1.0955.
Should buyers come in Friday, resistance at 1.1122 will be their 1st test, a break South would place the strong demand base at 1.0809-1.0886 in sight.
Like to see price retest the 1.1000, and hold for a possible buy. But, judging by where current price is at 1.0223, and that the market is bouncing from higher time frame support, feel could get a 2nd opp at buying from 1.1000 in here should it remain stable.
The 1st take-profit target comes in around H4 resistance at 1.1059, followed by 1.1100, and then daily resistance just above it drawn from 1.1122 per the Green arrows.
Marks to watch/live orders:
- Buys: 1.1000 Tentative, confirmation required, Stop loss:dependent on where one confirms this mark.
- Sells: Flat (Stop loss: N/A).
Technical analysis is a method of forecasting price movements by looking at purely market-generated data. Price data from a particular market is most commonly the type of information analyzed by a tech trader.