EURUSD eases after upside rejection; eyes US data for fresh signal
|EURUSD
The Euro is holding in red in early Friday’s trading, following upside rejection at Kijun-sen barrier (1.1880) on Thursday.
Action in Asia was capped at 1.1850 and fresh weakness in early European trading is testing initial support at 1.1820 (20SMA/hourly cloud base).
Negative signal is generating on reversal of slow stochastic from overbought zone on daily chart.
Bears could extend further on profit-taking from strong rally in past five days and challenge next pivotal support at 1.1774 (daily Tenkan-sen/10SMA).
Break and close below the latter would signal lower top and expose key supports at 1.1702 (daily cloud base) and 1.1669 (06 Oct low).
Alternatively, sustained break above the upper pivots at 1.1880 (Kijun-sen) and 1.1906 (daily cloud top) will be bullish.
US CPI and Retail Sales data are in focus today for fresh signals.
Res: 1.1850; 1.1880; 1.1906; 1.1930
Sup: 1.1815; 1.1795; 1.1774; 1.1749
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.