EUR/USD Outlook: Euro Is Firmer But Still Moving Within Extended Range

Technical analysis of Forex market

The Euro is consolidating under two-week high after being dragged by stronger pound after BoE surprise rate hike and inflated by weaker dollar post-Fed.

Near-term action remains within a consolidation range above new 2021 low (1.1186) and lacking clearer direction signal, as daily studies are still mixed.

Violation of key near-term barrier at 1.1379 (Fibo 38.2% of 1.1692/1.1186) would generate positive signal for continuation of stalled recovery from 1.1186 low, while repeated close within the range would keep the pair in directionless mode.

Three consecutive weekly Dojis add to neutral scenario, with focus on this week’s close which would provide more evidence whether bulls eventually regained traction or range-trading will extend into fifth week.

Res: 1.1360, 1.1379, 1.1400, 1.1439.
Sup: 1.1305, 1.1288, 1.1221, 1.1186