EUR/USD Outlook: Euro Annual High Of 1.3710 Remains In Focus
FinFX | Oct 21, 2013 04:06AM ET
EUR/USD
The euro ended week in the positive tone, closing just below psychological 1.37 barrier that was cracked last Friday. Annual high at 1.3710 remain in immediate focus, with break here to extend the third wave that commenced from 1.3103, 01/09 higher low. It could travel to 1.3803, its 100% Fibonacci expansion and 1.3832, with a 61.8% Fibonacci retracement of larger 1.4938/1.2042 bear-phase. Bulls remain in play in near-term technicals, however, further consolidation cannot be ruled out, as studies on 4-hour chart are overextended.
Current consolidation floor at 1.3658, along with previous peak at 1.3645, offers initial support, ahead of 1.3614/1.3587, 50% / 61.8% of 1.3472/1.3702, the latter being reinforced by 55DMA and seen as ideal reversal point. Key near-term supports and breakpoints lay at 1.3472/50, 16/10 low / 20/08 peak and only break here would neutralize near-term bulls.
Resistance: 1.3702; 1.3710; 1.3750; 1.3800
Support: 1.3658; 1.3645; 1.3614; 1.3587
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