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Jul 19 - 12:55 PM

EUR/USD: Bounced From Descending Channel; Where To From Here? - Citi

By eFXdata  —  Jul 19 - 11:00 AM

Citi discusses EUR/USD technical outlook and highlights the key levels to watch over the coming weeks.

"EURUSD bounced higher after briefly trading below parity twice last week. Our bias remains that EURUSD will continue to trade lower and if price action can close below parity (prefer close), it could suggest an extension lower toward horizontal support at 0.9594 (2001 high)," Citi notes. 

"However, the bounce from the base of the descending channel we’ve been trading between suggests that price action could trade higher in the short term. If we see a close above triple resistance between 1.0350-1.0362 (May 2022 low, June 2022 low, & 61.8% Fibonacci respe test of resistance between 1.0459-1.0535 (76.4% Fibonacci & five-month descending channel top) could be next," Citi adds. 

Source:
Citi Research/Market Commentary

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