EUR/USD Continuation Below 1.0560

The ECB has been dovish which might further push EUR yields lower while technical charts have been showing strong selling into rallies.  This looks like a corrective rally again, where the EUR might be sold into rally within the POC zone. The POC, 1.0625-40 (trend line, 78.6, H4, previous triple top) could reject the price towards 1.0560. If the pair proceeds below 1.0560 without a retracement, that should be the sign of further continuation towards 1.0540 and 1.0500 as the confluence between L3, ascending trend line and ATR pivot will be broken.

EUR/USD Chart
EUR/USD Chart

Daily technical analysis is written by Nenad Kerkez, a senior analyst at Admiral Markets

Published by

Nenad Kerkez

Nenad Kerkez is an analyst and trader who has been in the market since 2008 and works closely with Admiral Markets as their Senior Lecturer and Market Analyst. Nenad covers over 25 currencies on an intraday basis and has a Masters in economics. He also developed CAMMACD TM, a proprietary trading and analysis strategy wit ever powerful pre fact setups that you can read every day. Nenad is also a valuable presenter on various FX EXPO shows, where he always presents new and interesting ways how to trade price action and protect your own investments. Further, he is the co-founder and head of Elite Currensea Trading, an educational website for currency traders.