Euro still exposed to renewed weakness – EURUSD forecast

Intermediate

EURUSD day trade outlook: Further consolidation, bias stays lower to key 1.1166

Day trade update and view

Again, an erratic consolidation Wednesday with a prod below 1.1189 support to 1.1182, then a rebound but capped by 1.1288 resistance.

Whilst below 1.1288 we see negative pressures from the mid-June push below the 1.1211 swing low and 1.1193/82 support area for a topping pattern, to keep the risk lower into Thursday. 

Day trade setup

We see a downside bias for 1.1182; a break here quickly opens risks to key 1.1166 and 1.1153, maybe then towards 1.1113/00.

But above 1.1288 aims for 1.1349/53 and 1.1379, maybe back towards the cycle high at 1.1422.

EURUSD intermediate-term outlook

The early June rally above 1.1147 set an intermediate-term bull trend.

  • Upside risks: We see an intermediate-term bull trend for 1.1367 and 1.1496
  • What changes this: Below 1.1166 sets intermediate-term neutral theme, and only below 1.0869 a bear trend.
eurusd chart
6 Hour EURUSD Chart

Editor in chief

Steve Miley has 29 years of financial market experience and as a seasoned expert now has many responsibilities. He is the founder, Director and Primary Analyst at The Market Chartist, the Editor-in...continued

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