Technical Market Outlook: EUR/USD Breaks Resistance, Bearish Pressure Looms
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Technical Market Outlook:
The EUR/USD pair has broken above the short-term trend line resistance and is trading around the level of 1.0954 at the beginning of the new trading week. The intraday technical resistance is seen at the level of 1.0974, at the local high. The intraday technical support is seen at the level of 1.0935. Please notice, the momentum has hit the extremely overbought conditions again, so there is a confirmation of the bearish pressure on the lower time frame charts. In a case of a breakout lower, the next target for bears is seen at the level of 1.0901 and 1.0876. Only a sustained breakout below the moving average dynamic support around 1.0900 would change the outlook to more negative.
