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Technical Analysis – EURUSD holds above 1.12; outlook bullish but weak

EURUSD headed lower today in another volatile session but remained above the 1.12 level. Short term bias is looking bearish as the stochastic oscillator is heading downwards with the %K line having dipped below the %D line. Support could come around 1.1044 where the 100-day moving average is bottoming out and was a previous resistance level.

However, with prices holding above the Ichimoku cloud, as well as the 50- and 100-day moving averages, the medium-term outlook is for the continuation of the current shallow uptrend that’s been in progress since the middle of March.

The next resistance for EURUSD is the May 15 high of 1.1466. Failure to break above this level may shift the uptrend to sideways. Unless the tenkan-sen line crosses back above the kijun-sen line, the bullish outlook will remain weak.



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