Euro Approaching Breakout Resistance ahead of CPI
By many near-term measures, EUR/USD has already broken out (not the 200DMA at 1.0790). However heading into tomorrow's, US CPI release, the focus is on a possible reaction here at confluent resistance near the 61.8% retracement of the March decline at 1.0836.
A topside breach / daily close above this threshold would expose a possible rally towards the March high-day close (HDC) at 1.0939.
Look for initial support along the 200DMA with a break below this channel needed to invalidate this multi-week advance. Watch the weekly close here.
Michael Boutros
@MBForex
A topside breach / daily close above this threshold would expose a possible rally towards the March high-day close (HDC) at 1.0939.
Look for initial support along the 200DMA with a break below this channel needed to invalidate this multi-week advance. Watch the weekly close here.
Michael Boutros
@MBForex