EUR/USD aims higher, with a dovish Fed and broad US$ weakness

Steve Miley, MSTA MarketChartist

The US Dollar weakness from a more dovish Fed last week are overpowering the more dovish statements from ECB's Draghi last Tuesday, to keep risk for EURUSD higher into a week full of Central Banks speakers and ending with a possibly key G20 Meeting.

EURUSD upside bias after intermediate-term bull shift

A probe higher Monday through 1.1386/90 resistances to build on the surge Friday to indicate an intermediate-term bull trend above 1.1348, to also set risks higher for Tuesday.

We see an intermediate-term bull trend with the push above 1.1348

For Today:

We see an upside bias for the 1.1410; break here aims for the key 1.1448 peak, maybe towards 1.1488.
But below 1.1360 opens risk down to 1.1315.

Intermediate-term Outlook - Upside Risks: We see an upside risk for 1.1448.

Higher targets would be 1.1509 and 1.1570.
What Changes This? Below 1.1180 shifts the intermediate-term outlook back to neutral; through 1.1106is needed for an intermediate-term bear theme.

Author

Steve Miley, MSTA

MarketChartist

Steve Miley, the Market Chartist brings 22 years of financial market experience with him. He spent 2009-2012 as a Director of the FX Technical Analysis Research Strategy team at Credit Suisse and was previously at Merrill Lynch for 15 years.

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