EURUSD: The Euro has fallen to meet the rising trend line support on Tuesday
|EURUSD: 1.1746
€/Usd has traded a mostly heavy session after the softer ZEW,/stronger US PPI undermined the Euro although the dollar then gave back some of its gains after headlines came through that Senator Rand Paul feels unable to vote for raising the US budget deficit. We now await the upcoming US CPI and the FOMC/ ECB meetings.
1 hour/4 hour indicators: Turning lower
Daily Indicators: Turning lower
Weekly Indicators: Neutral
Preferred Strategy: The Euro has fallen to meet the rising trend line support on Tuesday, but with the short term momentum indicators now aligning with the daily charts to point a little lower, it seems that we may be looking at further dollar strength ahead. The German/US CPI will be the main focus today, ahead of the FOMC, so a cautious stance is required, but a run below 1.1700 would not really surprise, where 1.1650 would be the next Fibo target.
| Resistance | Support | ||
| 1.1847 | 6 Dec high | 1.1716 | Session low / Rising trend support |
| 1.1811 | 11 Dec high | 1.1707 | (61.8% of 1.1553/1.1943) |
| 1.1800 | 100 DMA | 1.1690 | Minor |
| 1.1792 | Minor | 1.1650 | (76.4% of 1.1553/1.1943) |
| 1.1765 | Minor | 1.1620 | Minor |
Economic data highlights will include:
German CPI/HICP, EU Industrial Production, Employment Change, US CPI, FOMC Meeting/Growth Projections
Interested in EURUSD technicals? Check out the key levels
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