Key risk events today: Eurozone, UK and US Flash Services and Flash Manufacturing PMIs. (Previous analysis as well as outside sources – italics). EUR/USD: Amidst a moderate upturn in the US dollar index, snapping a four-day bearish phase, EUR/USD twisted lower Thursday and left H4 Quasimodo resistance at 1.1888 unchallenged (sited close by the 1.19 … Continue reading Friday 23rd October: Technical Outlook and Review
Europe’s single currency extended its bullish position against a broadly softer USD Wednesday (DXY crossed below 93.00).
Technicians, according to the weekly timeframe, will acknowledge room to advance, as bulls strengthen their position north of minor support at 1.1621. The next upside target on the weekly scale falls in around the 2018 yearly opening value at 1.2004 (a level that capped upside attempts in late August).