EURUSD: Mildly Bearish
|EURUSD: 1.1791
Preferred Strategy: EurUsd had a choppy session, rising ahead of the US data and reaching a high of 1.1859, just as it was released, before turning lower, with most of day’s gains quickly given back as US yields recovered. At the end of the session, the dollar is back at 1.1790 and with the short term momentum indicators beginning to look a little heavy we might see a further decline today, where support will now be at 1.1780/85, beyond which could extend to 1.1740, which should be strong but below which would open the way back to 1.1700.
The daily momentum indicators do suggest that further gains are possible in the days ahead though, and above the session high would find good sellers at 1.1880/85, beyond which would allow a run towards 1.1900.
For the coming session I prefer to look to sell into strength, with a SL placed above 1.1880
Sell EurUsd @ 1.1830. SL @ 1.1885, TP @ 1.1740.
| 24 Hour: Mildly Bearish | Medium Term: Neutral – Mildly Bullish? – Prefer to sell rallies | ||
| FX Charts Position: | Short – SL above 1.1880 | ||
| Resistance | Support | ||
| 1.1900 | Minor | 1.1784 | Session low /(23.6% of 1.1553/1.1859) |
| 1.1886 | (61.8% of 1.2091/1.1553) | 1.1760 | Minor |
| 1.1880 | 12 Oct high | 1.1740/35 | (38.2% of 1.1553/1.1859)/100 DMA |
| 1.1857/59 | 20 Oct high/Session high | 1.1700 | Minor |
| 1.1830 | Minor | 1.1660 | 14 Nov low |
Economic data highlights will include:
German WPI, EU CPI, US Jobless Claims, Import/Export Index, Capacity Utilisation, Industrial Production, Philadelphia Fed Mfg Survey, NAHB Housing Market Index
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