Forex Technical Outlook EURUSD 28.07.2017
The Euro bounced from Thursday’ correction low at 1.1650 and regained levels at 1.1700 zone in Asia on Friday, but still weighed down by Thursday’s bearish daily candle with long upper shadow. Reversal of slow stochastic and RSI on daily chart, as well as bearish divergence on slow stochastic ads on downside pressure. German CPI data are in focus and would provide fresh signals The pair is still above pivotal supports at 1.1624/21 (daily Tenkan sen / 10SMA / top of thick 4 hr cloud), violation of which would generate stronger bearish signal. End of the week profit taking may also accelerate the price lower and expose supports at 1.1525/12 (base of 4 hr cloud / Fibo 38.2% of 1.1118/1.1776 / rising 20SMA). Underlying strong uptrend remains intact for extension towards 1.2000 target.
Res: 1.1715; 1.1776; 1.1800; 1.1848 Sup: 1.1671; 1.1650; 1.1621; 1.1583