EURUSD Chart Technical Outlook stalls at resistance zone bear eye 1.0800
EUR/USD broke above a falling trendline last month. Prices have stalled at the resistance zone of 50% and 61.8% Fibo levels. It could develop an extended WXY corrective structure. USD is supported by yesterday’s hawkish comments from the Fed’s Bostic. The risk-off sentiment due to soft data from China weighs on the pair. Traders eye the US ISM services PMI data today.
I expect a downside price action toward 1.0800, which overlaps the daily ATR range and the previous week’s low.
Resistances: 1.0900, 1.0980
Supports: 1.0800, 1.0700
