EURUSD Outlook: Euro rises as higher Wall St depresses dollar
|EURUSD
The Euro rose to two-week high at 1.1621 in early US trading, as dollar fell across the board on upbeat US earnings reports which inflated stocks. Stronger than expected US industrial production in Sep (0.3% m/m vs 0.2% f/c) did little to help greenback, which stands at the back foot. Choppy trading in European session managed to stay above daily cloud and keep bullish stance in extension of Monday's rally, as fresh bullish acceleration cracks a cluster of daily MA's at1.1608/27 zone. Daily momentum turns up but overbought slow stochastic warns, with close above 1.1627 (100SMA) to generate bullish signal for continuation of recovery leg from 1.1432. Today's close above cloud top is minimum requirement to keep bullish bias, with consolidation between cloud top and 100 SMA expected if bulls fail to clear 1.1627 pivot.
Res: 1.1627; 1.1668; 1.1724; 1.1757
Sup: 1.1587; 1.1569; 1.1545; 1.1534
Interested in EURUSD technicals? Check out the key levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.