EUR/USD Holding Steady At Key Support Level
EUR/USD is temporarily holding steady around a key multi-month reversal pattern support level. The sharp sell-off has also been weighed down by a recent DeMark™ exhaustion signal.
Meanwhile, the bears need to close decisively below 1.3000 (psychological support), in order to extend the important multi-month reversal pattern into 1.2626 (16 Jan swing low).
Only a sustained daily close back above 1.3460 unlocks an extended recovery into our upside target zone at 1.3555 (200-day average).
Inversely, the USD Index is still holding its latest rebounded from key support at 78.66/10 (04 March low/TD Level), which was coupled with a DeMark™ buy signal.
Expect this level to act as one of the last points of defence for a relaunch of the greenback’s recovery which is still part of the bullish cycle into 80.73 (15th March high) and 81.78 (13th Jan swing/12 month high).