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    United States 2020-04-18 07:21:39
    Technical index Euro Outlook: EUR/USD Contracts into April Range-


    Euro updated technical trade levels & sentiment – Weekly Chart
    EUR/USD in consolidation within April monthly opening-range
    Critical support at 1.0657 – breach above 1.1187 needed to shift broader focus higher
    Euro is down nearly 0.6% against the US Dollar this week with EUR/USD trading at 1.0880 ahead of the New York close on Friday. The focus remains on a break of the April opening-range with price continuing to contract within the confines of well-defined technical levels. These are the updated targets and invalidation levels that matter on the EUR/USD weekly price chart. Review my latest Weekly Strategy Webinar for an in-depth breakdown of this Euro trade setup and more

    Notes:In my most recent Euro Weekly Price Outlook we highlighted that the, “The immediate focus is on a break of the 1.0777-1.0977 range for guidance,” with our broader outlook still dependent on a hold above the March 2017 high-week close at 1.0657. A weekly reversal this week keeps price within the confines of the April opening-range heading into the close with Euro currently holding just above the 61.8% retracement of the late-March rally at 1.0831.

    Initial support steady at 1.0778 with a breach above 1.0976 needed to fuel the next leg higher in price towards key resistance at the 61.8% Fibonacci confluence zone at 1.1167/87 – a breach / close above this threshold would suggest a more significant low was registered last month with such a scenario exposing subsequent resistance objectives at the 100% extension at 1.1280 and the June 2019 high-day close at 1.1367. A weekly close below 1.0657 is needed to mark resumption of the broader downtrend towards the 2017 low-week close at 1.0532.

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