Continuum_Economics

EUR/USD Update: Balanced above critical support at 1.2059/65

FX:EURUSD   Euro / U.S. Dollar
No significant change, whilst mixed daily readings keep price action cautious.
Intraday price action is leaning lower, but critical support at 1.2059/65 should continue to underpin any immediate downside tests. The broader weekly chart, however, continues to deteriorate, suggesting the current consolidation phase is likely to give way to renewed losses.
A later close below 1.2059/65 will confirm continuation of January losses and open up the 1.1975 retracement.
Meanwhile, resistance remains at 1.2150.
A close above here, if seen, would prompt fresh consolidation below 1.2200. An unexpected break above here is needed to turn sentiment Positive and open up the 1.2235 Fibonacci retracement .
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