- EURUSD contrast pivotal near-term insurgency range
- Updated targets cancellation levels
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Technical Outlook:EURUSD is contrast insurgency during a 1.07-handle where a 50% retracement of a Mar allege converges on a 61.8% line of a descending pitchfork formation. Note that this turn sits only above a monthly opening-range and if compromised on a tighten basis, would change a concentration aloft in a span streamer deeper into Apr trade.
Support rests during a connection of a 100-day relocating normal and a reduce median-line together during 1.0625 with broader bullish cancellation solid during 1.0583. A crack above this segment keeps a long-bias in play targeting a 61.8% retracement of a late-March decrease during 1.0773 backed by 1.0800/20.
Notes:A closer demeanour during cost movement highlights a near-term channel off a lows that could extent a allege on this widen though a concentration stays aloft while above a weekly open during 1.0620(interim support during a monthly open during 1.0560). From a trade standpoint I’ll preference vanishing debility with a crack aloft from here eyeing successive topside insurgency targets during 1.0738, 1.0773 a top median-line together (blue).
The operation stays rather parsimonious still so we’ll aim 1/3 of a daily normal loyal operation (ATR) that yields targets of 20-24 pips per scalp. Keep in mind we have Eurozone CPI PMI total this week though a categorical concentration will be on a initial turn of voting in a French elections scheduled for this weekend.
Relevant Data Releases
Other Setups in Play:
- GBPAUD Range Break to Determine Next Leg- Constructive Above 1.62
- Strategy Webinar: Technical Levels amid a Geopolitical Minefield
- USD/CAD Consolidation to Face Bank of Canada
- AUD/NZD Trapped- Rebound during Risk Below 1.09
– Written by Michael Boutros, Currency Strategist with DailyFX
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