EURUSD: Prefer to buy dips
|EURUSD: 1.0797
EurUsd has had a choppy session either side of 1.0800 (1.0775/1.0824), but contained below the 2nd Feb high of 1.0829, leaving the outlook unchanged.
A similar session ahead would not really surprise given the current, slightly negative look of the short term momentum indicators. The dailies look positive though, and a break of 1.0830 could then see a run towards 1.0873 (8 August high) and eventually on to the 200 DMA (1.0900) and possibly higher, towards 1.0935 and eventually to 1.1000. On the downside, as before, minor support will be seen at the session low and then at the various Fibo levels from the move up from the recent 1.0490 low, beginning at 1.0740 and then at 1.0695. As before, given the positive look of the daily charts, it would appear that buying dips is the current plan but I would keep a SL placed below 1.0735, while on the topside, looking for a break of 1.0830, hoping for a run towards 1.0900.
| 24 Hour: Prefer to buy dips | Medium Term: Prefer to buy dips | ||
| Resistance | Support | ||
| 1.0932 | (61.8% of 1.1299/1.0340) | 1.0775 | Session low |
| 1.0900 | 200 DMA | 1.0745 | (23.6% of 1.0494/1.0824) |
| 1.0873 | 5 Aug high | 1.0718 | 21 Mar low/200 HMA |
| 1.0829 | 2 Feb | 1.0698 | (38.2% of 1.0494/1.0824) |
| 1.0824 | Session high | 1.0660 | (50% of 1.0494/1.0824) |
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