Last Friday was a brutal session for EUR/USD bulls. Rates fell more than 70 pips, closing the week beneath the 1.1300 handle. Today has been a different story, with prices rallying back above 1.1300. However, the positive price action may be short-lived as this market is up against several daily topside resistance levels.
The economic calendar facing the USD is wide-open to start the week. Until the release of Q4 GDP on Thursday, there aren’t a whole lot of primary market movers capable of sending the Greenback directional vs the majors.
EUR/USD Technical Outlook
The technical outlook for the EUR/USD has become muddied in the last two sessions. A strong daily bullish trend has been largely wiped out as bears have become more active. As of now, this market is positioned to close March in the negative.
Here are a few levels to watch for the near future:
- Resistance(1): Bollinger MP, 1.1329
- Resistance(2): 38% Retracement, 1.1339
- Support(1): Daily SMA, 1.1310
Overview: Earlier today, a new Active Trading Signal to the short set up for the EUR/USD. At press time (12:15 PM EST), the trade is performing relatively well. If you are in on the action, best of luck and stay tuned to our Live News Feed for any updates to the trading plan!