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Jun 18 - 06:55 AM

EUR/USD - COMMENT-EUR/USD Faces An Uncertain Path

By Martin Miller  —  Jun 18 - 05:35 AM

There is continued uncertainty over the direction of the euro.
However, the overall bias is on the downside amid political turmoil in Europe and the daily technical chart.

EUR/USD has stabilised somewhat this week after France's Marine Le Pen signalled she didn't intend to pursue extreme fiscal policies if her far right party gets into power, and that she isn't pushing for Emmanuel Macron's ouster.
However, spot is in danger of a bigger slump under the April 1.0602 low in coming sessions, especially as fourteen-day momentum remains negative.

While EUR/USD registered a close on Friday under 1.0722 Fibo, a 61.8% retrace of the 1.0602 to 1.0916 (April to June) EBS rise, it has closed back above it on Monday.
That is a possible bear-trap, set when a market breaks below a technical level but subsequently reverses, which is usually a bullish sign.

However, only a break and close back above the thinning daily cloud resistance that currently spans the 1.0747-91 region, would confirm a shift back to the upside.

For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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