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EURUSD Bull Recovery Theme to Extend

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EURUSD Bull Recovery Theme to Extend

A strong rally resuming, as we had expected after a corrective consolidation bias to start the week, to just stall at a notable barrier at 1.1380.

The strong bounce after a prod at 1.1069 to another new recovery high, as we had anticipated, has reinforced the late April extension above 1.1249, which produced a shift to a more bullish tone into May.

For Today:

We see an upside bias through the new 1.1370 peak; the break here opens risk up to key targets 1.1449, maybe for 1.1534.

But below 1.1305 aims for 1.1200, which we would look to try to hold.

Short/ Intermediate-term Outlook - Upside Risks:

We see a more positive tone with the bullish threat to targets 1.1449 and 1.1534.

Above aims for 1.1680, maybe 1.1871.

What Changes This? Below 1.0957 eases bull risks; through 1.0786 signals a neutral tone, only shifting negative below 1.0658.

Momentum: The 8-day RSI, short-term momentum has corrected from OB and is re-energized.

2 Hour EURUSD Chart 


Daily EURUSD Chart 


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Steve Miley is The Market Chartist and has over two decades of financial market experience with him. He spent 2009-2012 as a Director of the FX Technical Analysis Research Strategy team at Credit Suisse and was previously at Merrill Lynch for 15 years; 10 years as a technical analyst, 5 years in Fixed Income sales.

He was 2013 winner of the Technical Analyst Magazine Award for Best Independent Fixed Income Research & Strategy, Runner Up for the same award in 2014 and was the winner of Best FX Research & Strategy 2012 (at Credit Suisse).

Steve is a Member of the Society of Technical Analysts (MSTA) and holds a Masters Degree in Politics, Philosophy & Economics from Lincoln College, Oxford University.

Steve has covered all major asset classes including Rates & Credit, G10 & EM currencies, Equity Indices & Sectors and Commodities and has strong relationships across the institutional financial trading spectrum, including Central Banks, Real Money accounts, Hedge Funds and other Global Corporates.



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