Euro Technical Price Outlook: EUR/USD Weekly Trade Levels
- Euro updated technical trade levels & sentiment – Weekly Chart
- EUR/USD breakout approaching uptrend resistance
- Key resistance into 1.2409 – Bullish invalidation steady at 1.1823/35
Euro surged nearly 1% against the US Dollar into the open of the 2020 with the EUR/USD rally extending more than 6.4% off the November lows before stalling. The advance takes Euro into uptrend resistance at fresh multi-year highs and while the broader outlook remains constructive, the immediate advance may be vulnerable here in the days ahead with US Non-Farm Payrolls on tap tomorrow. 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 technical setup and more.
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Euro Price Chart – EUR/USD Weekly
Notes: In my last Euro Weekly Price Outlookwe noted that a breakout in EUR/USD kept the focus higher in price while above 1.2005 with, “subsequent objectives at channel / parallel resistance (red- currently near 1.2220s) backed by the 88.6% retracement at 1.23378 and the 2018 high-week close at 1.2409– both levels of interest for possible topside exhaustion IF reached.” Euro registered a high at 1.2349 yesterday before turning sharply lower and the focus is on inflection off this threshold with the immediate advance vulnerable while below.
Initial weekly support now rests at 1.2145 backed by the 1.2005 – both areas of interest for possible downside exhaustion IF reached. broader bullish invalidation remains unchanged at 1.1823/35. A topside breach from here still has to contend with the 2018 high-week close at 1.2409 – this still remains an area of interest for a possible exhaustion high reached over the next week.
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Bottom line: The Euro breakout has extended into broader uptrend resistance and we’re looking for a reaction up here in…
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