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FxWirePro: EUR/USD Weekly Outlook

  • EURUSD hits 27- month high of 1.20700 in previous week and started to decline from that level.  The pair dipped till 1.18230 and shown a minor jump till 1.19795 after weaker than expected U.S jobs data.
     
  • The pair faces major trend line resistance at 1.19600 (trend line joining 1.20700 and 1.19795) and any break above will take the pair to next level till 1.2000/1.2070 (161.8% fibo).
     
  • In the weekly chart the pair has formed bearish divergence and stochastic also shows over bought.
     
  • On the lower side, any break below 1.18170 (21- day EMA) will drag the pair to next level till 1.17500 (200- W MA)/1.1700/1.16620 (Aug 17th 2017 low).

It is good to sell on rallies around 1.1955-1.19600 with SL around 1.2020 for the 1.18200/1.1750

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