EURUSD: ZEW is the main focus today
|EURUSD: 1.1766
€/Usd has traded a little higher in a tight session for much of Monday (1.1763/1.1811) before giving up the gains late in the day, while waiting on the upcoming FOMC/ ECB meetings, with much of the action coming through the crosses, where EurJpy and EurGbp were prominent drivers. As before, the 4 hour/daily momentum indicators are mixed and a neutral stance is required as we head towards the Fed and ECB Meetings, due Wed/Thur.
1 hour/4 hour indicators: Turning higher
Daily Indicators: Turning lower
Weekly Indicators: Neutral
Preferred Strategy: The short term momentum indicators look mixed and I remain fairly neutral although the daily charts do appear to be turning a little lower and may be hinting of further dollar strength ahead. The ZEW is the main focus today and the 4 hour charts look mildly constructive, so look for a range of 1.1740/1.1820 to cover it today.
| Resistance | Support | ||
| 1.1900 | Minor | 1.1763 | Session low |
| 1.1877 | 4 Dec high | 1.1755 | Daily Kijun |
| 1.1847 | 6 Dec high | 1.1730 | 8 Dec low |
| 1.1811 | Session high | 1.1707 | (61.8% of 1.1553/1.1943)/ Rising trend support |
| 1.1800 | 100 DMA | 1.1650 | (76.4% of 1.1553/1.1943) |
Economic data highlights will include:
German/EU ZEW Economic Sentiment Survey – Dec, US NFIB Business Optimism Index, PPI – Nov, API Weekly Crude Oil Stock Inventory
Interested in EURUSD technicals? Check out the key levels
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