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Forex Forum → Market Analysis → EURUSD: Vulnerable On Correction Though With Caution

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Topic: EURUSD: Vulnerable On Correction Though With Caution

EURUSD: The pair closed lower the past week leaving risk of more weakness on the cards. We faces price hesitation with a move higher in the new week. On the upside, resistance comes in at 1.2300 level with a cut through here opening the door for more upside towards the 1.2350 level. Further up, resistance lies at the 1.2400 level where a break will expose the 1.2450 level. Conversely, support lies at the 1.2200 level where a violation will aim at the 1.2150 level. A break of here will aim at the 1.2100 level. Below here will open the door for more weakness towards the 1.2050. Its weekly RSI is bearish and pointing lower suggesting more weakness.  All in all, EURUSD faces further pullback threats.

http://www.fxtechstrategy.com/wp-content/uploads/2018/02/EURUSDWeekly-1.png

Re: EURUSD: Vulnerable On Correction Though With Caution

In what’s becoming a more regular occurrence, USD bears have come back while US equities have rallied. Last week produced a spate of strength in the US Dollar that saw DXY make a fast approach towards the 91.00 level; and this also brought pressure into US equities as stocks fell each day Tuesday-Thursday. But Thursday afternoon is around the time that ‘tariff talk’ came into the equation, and since then we’ve seen bears come back into the US Dollar while stocks have cauterized some support and moved back towards prior resistance. On the chart below, we’re looking at the S&P 500 after last week saw support settle around the 2662 level, which is the 38.2% retracement of the February sell-off in the index and this came into play during last Thursday’s webinar. The next level of resistance resides around 2750, as this was a prior group of swing-highs produced two weeks ago which set around the 61.8% retracement of the same Fibonacci study.

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