EURUSD has chopped sideways since taking out stops in Asia
|EURUSD: 1.2212
EurUsd has chopped sideways since taking out stops in Asia yesterday, confined pretty much to a 1.2200/80 range through the Europe/US sessions but closing near the lows as US bond yields climber higher, putting a bid tone under the dollar.
1 hour/4 hour indicators: NeutralDaily
Indicators: UpWeekly
Indicators: Turning higher
Preferred Strategy: A neutral stance seems wise right now although the longer term charts do still point to higher levels ahead. Good offers will arrive in the 1.2280/1.2320 area while a break below 1.2195 would open the way towards 1.2140. ECB/Buba speeches and the US Housing data will largely provide the direction today along with any directional move in bond markets.
| Resistance | Support | ||
| 1.2335 | Minor | 1.2210 | Minor |
| 1.2322 | Session high | 1.2195 | Session low |
| 1.2300 | Minor | 1.2140 | 23.6% of 1.1553/1.2219 |
| 1.2275 | H/S Neckline | 1.2120 | Minor |
| 1.2250 | Minor | 1.2100 | Minor |
Economic data highlights will include:
T: Buba Weidmann Speech, EC’s Coeure Speech, US Philadelphia Fed Mfg Survey, Housing Starts, Building Permits, Jobless Claims, EIA weekly crude oil stock change
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