EURUSD: Prefer to buy dips
|EURUSD: 1.1165
EurUsd has remained bid throughout the session and is finishing at the highs of 1.1170.
Further medium term gains look possible, with 1.1210 being the first real resistance, but above which there is little to stop it heading back to 1.1300. Note that the 4 hour momentum indicators are at overbought extremes, so some consolidation/correction would seem probable although the longer term uptrend seems firmly intact, which would remain the case as long as we hold above 1.0900, but which looks pretty safe today.
On the downside, the minor support will be seen at around 1.1120, and buying dips would currently seem to be the plan, with a SL on any new long positions placed below 1.1080.
| 24 Hour: Prefer to buy dips | Medium Term: Mildly Bullish | ||
| Resistance | Support | ||
| 1.1299 | 9 Sept 2016 high | 1.1125 | Minor |
| 1.1250 | Minor | 1.1090/80 | (23.6% of 1.0838/1.1170)/Session low |
| 1.1210 | (23.6% of 1.3993/1.0340) | 1.1060 | Minor |
| 1.1190 | Minor | 1.1043 | (38.2% of 1.0838/1.1170) |
| 1.1170 | Session high | 1.1025 | (23.6% of 1.0586/1.1170) |
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US Philadelphia Fed Mfg Survey, Weekly Jobless Claims
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