EURUSD: Possible range trade
|EURUSD: 1.1210
EurUsd traded a tight 1.1193/1.1250 range on Thursday, leaving the outlook unchanged.
While the dailies still look constructive, the short term momentum indicators are now mixed and it may be that Friday will be another choppy session, with little to drive direction until the US session, when the GDP and Durable Goods Orders may provide some volatility. On the topside, resistance will be seen at 1.1250 and then at the previous 23 May/trend high of 1.1268. Beyond there, there is little to stop it heading back to 1.1300, and above that, the points to watch are at 1.1365 (18 Aug high), 1.1427 (24 June high) and then at 1.1450 (major descending trend resistance).
On the downside, good support will once again be seen at 1.1160/65, below which could see a run back towards 1.1100 and then towards 1.1080 and 1.1050.
A range trade day seems to lie ahead although the dailies may be in the early process of forming a top, while the 4 hour charts look a little heavy, so selling into strength with a SL placed above 1.1270 may be a plan.
| 24 Hour: Possible range trade | Medium Term: Neutral | ||
| Resistance | Support | ||
| 1.1326 | 8 Sept high | 1.1193 | Pivot |
| 1.1300 | 9 Nov high | 1.1167 | 24 May low |
| 1.1280 | Minor | 1.1165/60 | (23.6% of 1.0838/1.1262)/22 May low |
| 1.1268 | 22 May high | 1.1140 | Minor |
| 1.1249 | Session high | 1.1100 | (38.2% of 1.0838/1.1262) |
Economic data highlights will include:
US Provisional GDP (Q1), Durable Goods Orders (Apr), Michigan Consumer Sentiment Index (May), Baker Hughes Oil Rig Count, G7
Interested in EURUSD technicals? Check out the key levels
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