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EUR/USD Outlook: Break Of Trendline Support To Trigger Deeper Pullback

The Euro stands at the back foot in early Friday’s trading, signaling a possible continuation of a pullback from 1.2266 high, after Thursday’s neutral mode (Doji candle).

Fresh easing cracked trendline support at 1.2175 (bull trendline from 1.1704, 2021 low), warning of extension towards 1.2143/33 (20DMA / Fibo 23.6% of 1.1704/1.2266) on break.

Momentum on the daily chart remains in positive territory and turned north that keeps in play scenario of limited pullback and maintaining bullish bias while the price holds above the trendline.

On the other side, stronger negative signal is developing on weekly chart as the pair is on track to leave the second consecutive long upper shadow on the weekly candle that warns of increased pressure.

Res: 1.2266, 1.2283, 1.2300, 1.2349.
Sup: 1.2175, 1.2143, 1.2133, 1.2102.

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