EURUSD: Prefer to sell rallies
|EURUSD: 1.1766
Preferred Strategy: The Euro has bounced from its lows and in the short term we could see a squeeze back towards 1.1800 although the 4 hour charts remain heavy and any near term rally would seem to be a sell opportunity for another move to the 1.1735 lows, and then possibly to test 1.1700 and the mid August lows at 1.1660. The dailies look neutral and in the absence of any major data it may be a tight session although there are plenty of CB speakers coming up. Note the larger Head/Shoulders formation that appears to be building: if so, target 1.1235.
Sell EurUsd @ 1.1800. SL @ 1.1855, TP @ 1.1700
| 24 Hour: Prefer to sell rallies | Medium Term: Mildly Bearish | ||
| Resistance | Support | ||
| 1.1879/82 | 12 Oct high/(50% of 1.2092/1.1669) | 1.1750 | Minor |
| 1.1874/70 | 14 Oct high/Neckline resistance | 1.1735 | Session low |
| 1.1840 | Minor | 1.1720 | (76.4% of 1.1668/1.1880) |
| 1.1819 | 16 Oct high | 1.1700 | Minor |
| 1.1799 | Session high | 1.1661 | 17 Aug low |
Economic data highlights will include:
Extraordinary EU Economic Summit, EU Construction Output, US Building Permits, Housing Starts, Beige Book ,EIA Crude Oil Stocks Weekly Change. Speeches; Draghi, Angeloni/Praet/Coeure (ECB) and Kaplan/Dudley (Fed).
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.