EURUSD Target achieved at 1.1721 Further weakness likely though
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21st May EURUSD Week Ahead
EUR has reached the medium term downside target at 1.1721
today after a low at 1.1718.
Although it's rallied away from here as London opened as it
should do, it's not likely to get very far, though.
The first resistance potential is here at 1.1763, then a minor
level at 1.1786 and then heavy at 1.1821-1.1836.
It will need assistance from NY when it opens to boost it
higher to this latter range at which point it should start to
come off again.
Looking a little further out, the chart pattern indicates that
sooner or later the 1.1718 level will also give way, leading to
a another period of sustained EUR weakness back to 1.1558
with lesser support potential at 1.1665 and 1.1616 being
likeliest levels to expect minor near term counter rallies to
occur during the descent.
EUR has reached the medium term downside target at 1.1721
today after a low at 1.1718.
Although it's rallied away from here as London opened as it
should do, it's not likely to get very far, though.
The first resistance potential is here at 1.1763, then a minor
level at 1.1786 and then heavy at 1.1821-1.1836.
It will need assistance from NY when it opens to boost it
higher to this latter range at which point it should start to
come off again.
Looking a little further out, the chart pattern indicates that
sooner or later the 1.1718 level will also give way, leading to
a another period of sustained EUR weakness back to 1.1558
with lesser support potential at 1.1665 and 1.1616 being
likeliest levels to expect minor near term counter rallies to
occur during the descent.
Nota
Nota
EURUSDAfter rallying from the downside target off the 1.1721 line EUR has made it to the near term upside target centred around the 1.1821 line and been met with a barrage of persistant selling from there over the last 6 hours creating a series of rejection spikes above the line.
If you shorted from here again lower the stop to 1.1787.
It's been sold off in Europe all day - we need to see US follow through to know that downside pressure is still strong from here.
Without it there's an increasing chance that it will push higher again from here before coming off again later - the next key area on the upside lies at 1.1831-1.1838 - a break above here needed to signal any further near term strength to 1.1915.
The overall picture is still bearish for EUR but with DXY consolidating off 94 and with a little more unwinding there still likely it means that this this whipsaw back higher for a while yet before the downtrend resumes again
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