EURUSD: Neutral-Prefer to sell rallies
|EURUSD: 1.1820
Preferred Strategy: EurUsd was choppy within the tight 1.1800/75 range on Friday but ended up going nowhere, leaving the outlook a little cloudy at the start of the week. The bigger picture still seems to be building a head/shoulder top, so I do prefer an eventual run lower but in the meantime the current conditions look set to persist. A short term neutral stance seems wise and selling rallies is preferred. A move above 1.1880 could then see a run towards 1.1900/10, where I would look to sell again, with a SL above 1.1970.
Sell EurUsd @ 1.1880. SL @ 1.1920, TP @ 1.1680
Sell EurUsd @ 1.1970. SL @ 1.2020, TP @ 1.1750
| 24 Hour: Neutral-Prefer to sell rallies | Medium Term: Mildly Bearish – Prefer to sell rallies while under 1.1880 | ||
| Resistance | Support | ||
| 1.1930 | (61.8% of 1.2092/1.1669) | 1.1804 | Friday low |
| 1.1920 | Descending trend resistance | 1.1795 | 11 Oct low |
| 1.1900 | Minor | 1.1760 | 200 HMA |
| 1.1879/82 | 12 Oct high/(50% of 1.2092/1.1669) | 1.1725 | Minor |
| 1.1874/70 | Session high/Neckline resistance | 1.1700 | Minor |
Economic data highlights will include:
M: EU Trade Balance, Buba, New York State Empire Mfg Index
T: German Wage Price Index, German/EU ZEW Economic Sentiment Survey, EU CPI, US Import/Export Index, Industrial Production, Capacity Utilisation, NAHB Housing Market Index, API Weekly Crude Oil Stock Inventory
W: Extraordinary EU Economic Summit, EU Construction Output, US Building Permits, Housing Starts, Beige Book ,EIA Crude Oil Stocks Weekly Change
T: EU Council Meeting, US Jobless Claims, Philadelphia Fed Mfg Survey
F: German PPI, EU Current Account, US Existing Home Sales, Baker Hughes Oil Rig Count
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