EURUSD Chart Technical Outlook dips to be bought close to 1.0762
EUR/USD – the daily chart highlights the major currency pair breaking out of an expanding wedge formation to the downside. This pattern has a measured move target of 1.0517. The next downside barrier is the projected AB leg of a Bat formation located at 1.0761.
Conclusion: we look for gains in DXY to be limited and dips in EUR/USD to be bought. Prime support is located at 1.0761. The first upside barrier is bespoke resistance at 1.0865. A push through there and we look for an extension to the reverse trendline resistance located at 1.1030.
Resistance: 1.0865 (bespoke), 1.1030 (reverse trend line), 1.1140 (swing high)
Support: 1.0767 (overnight base), 1.0761 (AB), 1.0517 (wedge target)
