EUR/USD: A break above 1.1016 key for further upside – Natixis

Analyst at Natixis noted that the risk remains to the upside in the EUR/USD pair, targeting 1.1100 levels beyond a break of 1.1016 technical barrier.

Key Quotes:

“The 1.0852-1.0860 area (daily parabolic) interrupted the downside and the cross was able to rebound, breaking above the 1.0890-1.090 important thresholds (weekly Bollinger lower band).“

“Since the daily stochastic has turned bullish and as the daily volatility tends to tighten, it is likely that the cross will keep on recovering in the next sessions.”

“A break above the resistance at 1.1016 (daily Bollinger moving average) would add weight to our bullish view, paving the way to 1.1086-1.11 (weekly Bollinger moving average).”

“Note that a return above these last barriers would undermine the MT downside bias, flagging 1.1233 and 1.1310 (weekly parabolic) as targets. The supports are at 1.0890-1.09, at 1.0852- 1.0860, at 1.0810 and at 1.07.”