EURUSD Chart Technical Outlook smart money concept offers an upside barrier at 1.0867
EUR/USD the move through the 1.0877 swing low from January 5 has resulted in the daily bearish Elliott wave count being broken.
The intraday chart highlights the completion of a bullish Elliott Wave count at 1.0888 (5 waves). That would suggest we are now within the choppy corrective formation lower. Using the smart money concept SMC), we have an upside barrier between 1.0867 and 1.0873. Prime support is located at 1.0784.
Conclusion: the DXY highlights the scope for a correction to the downside. This should indicate that rallies within the major currency pair are limited. Selling at 1.0867 (smart money concept), targeting 1.0784 (bespoke and confluence), with a stop loss of 1.0897 (above the swing high) offers an intraday trade setup of 2.77R. Signals are far from strong.
Resistance: 1.0867-73 (SMC), 1.0888 (swing high), 1.0932 (Jan 24 peak)
Support 1.0784 (bespoke and AB), 1.0719 (88.6%), 1.0695 (swing low)
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