The EUR/USD has been trapped within the bearish channel, with clear levels where it might react. The ATR of the pair is not big but there is still room for a good intraday movement. The POC zone 1.0710-25 (DPP, H3, EMA89, channel top) could reject the price again on a retest. The pair seems on its way towards 1.0625 an X cross ™ confluence support. H1 momentum or close below 1.0625 could be a breakout opportunity towards 1.0608 – projection low and 1.0585 L5 support. However, if 1.0735 breaks to the upside, it will signal an interim strength and some covering so the EUR/USD could spike to 1.0775.
Daily technical analysis is written by Nenad Kerkez, a senior analyst at Admiral Markets.