EURUSD technical outlook
The EUR/USD has arrived at a critical technical juncture ahead of this week’s key fundamental events, which include among other things the Eurozone PMIs (Tuesday), German Ifo (Thursday), US GDP and the Jackson Hole Symposium (Friday).
Share this:
The EUR/USD has arrived at a critical technical juncture ahead of this week’s key fundamental events, which include among other things the Eurozone PMIs (Tuesday), German Ifo (Thursday), US GDP and the Jackson Hole Symposium (Friday).
As can be seen from the daily chart, below, the bears have been managing to just about cling onto resistance in the 1.1320-65 area. As well as the underside of the broken trend line, the 61.8% Fibonacci retracement level from the last swing high meets the point of origin of the breakdown on Jun 24, in this region.
Therefore, a potential break above this zone, if seen, can be a rather bullish outcome, which could then lead to another push towards the long-term resistance area between 1.1425 and 1.1500 (the previous rallies have failed to hold above this area) or higher.
But if the EUR/USD turns back lower from this 1.1320-65 region then the first key level of potential support to watch is at 1.1230, below which there is nothing significant until the 50 and 200 day moving averages at around 1.1145 and 1.1100, respectively. The next key support below these moving averages is at 1.1045 where the previous low meets a bullish trend line.
Conservative traders may therefore wish to wait for the EUR/USD to make its next move before potentially trading in the direction of the breakout.
Source: eSignal and FOREX.com.
Related tags:
Open an account in minutes
Experience award-winning platforms with fast and secure execution.
Economic calendar
Web Trader platform
Our sophisticated web-based platform is packed with features.
Related articles
Gold coils for potential breakout as US CPI looms
Gold's ascending triangle is putting $4,140 firmly in focus ahead of US CPI. With traditional macro relationships offering few clues, the price action may prove more useful for traders.
USD/CAD Outlook: Loonie left behind as US CPI looms
USD/CAD's sharp rebound has coincided with widening US–Canada interest rate differentials. With US CPI approaching and bullish momentum building, another breakout may be on the cards.
USD Majors, Gold, Bitcoin, Equity Indices Weekly Technical Outlook 11 9 2026
Sr. Technical Strategist Michael Boutros highlights the levels that matter on the USD Majors, commodities, and equity indices charts this week.
The information on this web site is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.
Futures, Options on Futures, Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Losses can exceed your deposits. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Contracts for Difference (CFDs) are not available for US residents. Before deciding to trade forex, commodity futures, or digital assets, you should carefully consider your financial objectives, level of experience and risk appetite. Any opinions, news, research, analyses, prices or other information contained herein is intended as general information about the subject matter covered and is provided with the understanding that we do not provide any investment, legal, or tax advice. You should consult with appropriate counsel or other advisors on all investment, legal, or tax matters. References to FOREX.com or GAIN Capital refer to StoneX Group Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.