EUR/USD Opens Up The 1.3750 And 1.3450 Support Clusters Below 1.40
EUR/USD Ends Week Returning to Vulnerability (5/20)
EUR/USD
Short-term to Medium-term
- The EUR/USD ended last week returning to the decline that started from near 1.4950. This week, the market has already reversed all of last week’s rally, and is cracking the 1.40 support and psychological barrier.
- We could get some support here, even after breaking it, as the 4H RSI dips below 30, representing oversold conditions. However, the RSI reading in the 4H chart also represents a continuation of the bearish momentum so chances are the market will continue lower.
- If the market respects the 1.40-1.4050 zone now as resistance, the bearish outlook is confirmed.
- The daily chart above shows a support cluster at 1.3750, which matches a swing projection target. There could be a significant retracement, or even a reversal from this area.
- Below that, another important support cluster exists at 1.3450.
Is this a USD-recovery story, or a EUR debt-crisis story?
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