EURUSD has chopped sideways in NY around current levels
|EURUSD: 1.2239
EurUsd has chopped sideways in NY around current levels after earlier recovering from a 1.2165 low and in the absence of any major data today, it looks likely to be fairly steady again while waiting to see whether the US Government faces a shutdown, in which case the US$ would come under renewed pressure. Also in focus will be the weekend vote in Germany, where the Social Democrats (SPD) are expected to vote on coalition with Chancellor Angela Merkel’s CDU/CSU on Sunday.
1 hour/4 hour indicators: Neutral
Daily Indicators: UpWeekly
Indicators: Turning higher
Preferred Strategy: A neutral stance seems wise heading into Friday trade although the longer term charts do still point to higher levels ahead. Good offers will once again arrive in the 1.2280/1.2320 area while a break below 1.2165 would open the way towards 1.2140. German PPI, EU Current Account and the Michigan Consumer Sentiment Index will be the economic interest today.
| Resistance | Support | ||
| 1.2335 | Minor | 1.2200 | Minor |
| 1.2322 | 17 Jan high | 1.2165 | 17 Jan low |
| 1.2300 | Minor | 1.2140 | 23.6% of 1.1553/1.2219 |
| 1.2275 | H/S Neckline | 1.2120 | Minor |
| 1.2264 | Minor | 1.2100 | Minor |
Economic data highlights will include:
German PPI, EU Current Account, Michigan Consumer Sentiment Index, Baker Hughes Oil Rig Count
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