EURUSD: Prefer to sell rallies
|EURUSD: 1.0668
EurUsd has had a very quiet session (1.0642/1.0680)
The price action on Monday has seen the Euro hold up just ahead of the minor rising trend support, and with the short term momentum indicators now looking a little more supportive it looks as though this will hold for the next few hours at least.
The dailies appear to be pointing increasingly lower though, and if we break below the trend support it could be that we see a test of the 100 DMA at 1.0625, below which would find further bids at 1.0590/1.0600. Further out, Fibo support level lies at 1.0550, below which could see a run towards the March low of 1.0498. On the topside, with the short term momentum indicators looking a little more supportive today, we could see another squeeze back to the session high of 1.0680 and then to Friday’s high of 1.0701. Above there, resistance will be seen at the various Fibo levels, beginning at 1.0743. As before, selling rallies is mildly preferred, with a SL placed above 1.0750 but looking for a run to 1.0625, possibly lower. The coming session may be quiet, while waiting for the more noteworthy action due later in the week, and 1.0625/1.0700 may cover it today.
24 Hour: Prefer to sell rallies | Medium Term: Mildly bearish | ||
Resistance | Support | ||
1.0775 | (50% pivot of 1.0906/1.0642) | 1.0642 | Session low /Rising trend support |
1.0743 | (38.2% of 1.0906/1.0642) | 1.0625 | 100 DMA |
1.0720 | Minor | 1.0600 | Minor |
1.0701 | Friday high / (23.6% of 1.0906/1.0642) | 1.0588 | (76.4% of 1.0494/1.1906) |
1.0680 | Session high | 1.0555 | (61.8% of 1.0340/1.0906) |
Economic data highlights will include:
T: EU Retail Sales (Feb), US Trade Balance, ISM NY Index, API Weekly Crude Oil Stock Inventory
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.