EUR/USD PRICE FUNDAMENTAL OUTLOOK – NEUTRAL
- EUR/USD leans lower currently
- Can reverse back higher, makes the outlook challenging
- Watch the latest high/low levels of signals
EURO ENTERS WEEK WITH SOME UNCERTAINTY
The EUR/USD leaves with something desired with regards to the direction signals as we head into the new week, but there are some lines/levels to watch that will help in shaping the trade outlook. Currently, the euro is turning lower in the near term confines of the new channel on the chart.
However, this structure might be snapped, and the outlook of things daily will eventually determine the broad outlook. The breakout over 11,830 is required to create a highly convincing bullish trend that will see the prices surge back towards the new 12000 high.
On the other hand, the breakdown below the new 11,612 is needed to create the lower low, which puts the EUR/USD on the path to more sales. With regards to how the low volatility has been most recently, we can see the prices remain contained in these 2 thresholds until a stronger enough catalyst activates things into a much better way as S&P 500 Index Falls With Hopes of Stimulus, ASX 200 Climbs With RBA Touts Easing.
EUR/USD Daily Chart
EUR/USD Hourly Chart
Technically, this makes next week, possibly a challenging one for trading for those that are seeking sustained moves. The short-term traders might be in a position to continue to use the hourly channel as the guide until it snaps.