In last week’s Euro Price Outlook we noted that, “the threat remains for a deeper pullback while below the weekly open at 1.1890 – look for topside exhaustion ahead of this threshold IF price is heading lower.” Euro registered a low at 1.1745 in the following days before rebounding with price once again carving a weekly opening-range just below key resistance at 1.1911/23.
Bottom line: Risk for further losses while below this threshold – initial support at the weekly range lows at 1.1814 with a break lower exposing 1.1761 and the 61.8% Fibonacci retracement of the November range at 1.1723 – look for a larger reaction there for guidance IF reached. A topside breach / close above 1.1924 is needed to mark resumption towards subsequent resistance objectives at 1.1961 and the upper parallel / 2018 yearly open at 1.2005.Review my latest Euro Weekly Price Outlook for a look at the longer-term EUR/USD technical trade levels.
In my most recent Australian Dollar Technical Price Outlook we noted that AUD/USD was trading into a key resistance zone and to , “be on the lookout for possible topside exhaustion with the immediate advance vulnerable while below the September high-day close.” The setup remains unchanged into the close of the week with Aussie attempting to break the weekly opening-range lows today.
Bottom line: Initial resistance steady at 7321/29 with the threat of topside exhaustion sub-7371. A break below the median-line here is needed to suggest a larger correction is underway towards 7222, 7166 and the 61.8% retracement at 7125– look for a larger reaction there IF reached. Review my latest Aussie Weekly Price Outlook for a look at the longer-term AUD/USD technical trade levels.