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Jun 20 - 07:55 AM

EUR/USD - COMMENT-EUR/USD Recovery Will Likely Run Out Of Steam

By Martin Miller  —  Jun 20 - 06:25 AM

EUR/USD's recovery will likely falter in coming sessions as the technical outlook remains negative overall.

The euro rose on Monday despite French President Emmanuel Macron losing an absolute majority in the country's parliamentary election, as the dollar retreated against its major peers after hitting a multi-year peak last week. nL1N2Y70E0.
Despite this, the layers of technical resistance should continue to limit bigger EUR/USD gains.

EUR/USD recovery attempts have been stymied by the thick daily cloud, which currently spans the wide 1.0574-1.0767 region.
A recent three black crows candlestick pattern on the daily chart -- three large black candles in a row recently -- continues to highlight the increased dominance of bears over this market.

The overall scope is for a bearish resumption to initially retest the 1.0416 Fibonacci level, a 76.4% retrace of the 1.0359 to 1.0601 recent recovery move.
A clean break sustained under the 1.0416 Fibo would expose both the 2022 1.0349 and 2017 1.0340 (EBS) lows for probe.

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Source:
Refinitiv IFR Research/Market Commentary

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