EURUSD outlook: Larger bears to consolidate before resuming lower, parity level coming in focus
EUR/USD
EURUSD edges higher early Friday on a partial profit-taking at the end of the week, after the latest three-day acceleration pushed the price to the lowest levels in over two years.
Larger bears are likely to take a breather above important support at 1.0200 (Fibo 61.8% retracement of 0.9535/1.1275, Sep 2022 – July 2023 rally) and position for fresh push lower as 1.0200 marks the last significant obstacle on the way towards parity level, which came in focus as next target.
Daily Tenkan-sen / former low at 1.0350 zone offer solid resistance which should ideally cap and keep near term bears intact.
Technical picture remains firmly bearish on daily chart (strong negative momentum / MA’s in full bearish setup and price action weighed by thick falling daily Ichimoku cloud) and support scenario.
Only sustained break above 1.0430 (daily Kijun-sen) would sideline bears for stronger correction.
Res: 1.0345; 1.0405; 1.0430; 1.0460.
Sup: 1.0224; 1.0200; 1.0150; 1.0100.
Interested in EUR/USD technicals? Check out the key levels
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