Euro weakness – EURUSD Forecast

Intermediate

EURUSD day trade outlook: Threat stays still lower

A Wednesday selloff below 1.0828, then 1.0783 supports has reinforced Tuesday’s plunge through the up trend line from latter April (and 1.0894/91 and 1.0831 supports), to further reject upside forces from the turn of the month surge last week (above the important swing peak at 1.0991 to 1.1019), to keep the risk lower into Thursday.

  • We see a downside bias through 1.0780 for key 1.0725/18; a break below aims for maybe 1.0664.
  • But above 1.0858 targets 1.0926, maybe even towards 1.0949.

EURUSD intermediate-term outlook

The early April selloff below 1.0782 set an intermediate-term bear trend.

  • Downside risks: We see an intermediate-term bear trend for 1.0633 1.0500, 1.0340, maybe 1.0000.
  • What changes this? Above 1.1039 sees an intermediate-term shift from bearish to neutral, and above 1.1147 to an intermediate-term bull trend.

4 Hour EURUSD Chart

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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