EURUSD: Neutral – Prefer to sell rallies
|EURUSD: 1.1709
Preferred Strategy: All will depend on today’s NFP outcome but the momentum appears to be building in favour of a stronger dollar and I prefer to remain short of the Euro, looking for an eventual head/shoulder target of 1.1560. The short term momentum indicators also look heavy and I will be short heading into the US data and looking to sell into any short term rally, with a SL placed above 1.1800. Sell EurUsd @ 1.1730. SL @ 1.1785, TP @ 1.1650.
| 24 Hour: Neutral – Prefer to sell rallies | Medium Term: Mildly Bearish | ||
| Resistance | Support | ||
| 1.1800 | Minor | 1.1698/95 | Session low/3 Oct low |
| 1.1785 | 4 Oct high | 1.1661 | 17 Aug low |
| 1.1765 | 200 HMA | 1.1650 | Minor |
| 1.1750 | Minor | 1.1612 | 26 July low |
| 1.1735 | Minor | 1.1603 | (50% pivot of 1.1118/1.2091) |
Economic data highlights will include:
German Factory Orders, US Unemployment data/NFP/Average Hourly Earnings data
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