EURUSD eases after upside rejection; eyes US data for fresh signal

Slobodan Drvenica Windsor Brokers

EURUSD

The Euro is holding in red in early Friday’s trading, following upside rejection at Kijun-sen barrier (1.1880) on Thursday.

Action in Asia was capped at 1.1850 and fresh weakness in early European trading is testing initial support at 1.1820 (20SMA/hourly cloud base).

Negative signal is generating on reversal of slow stochastic from overbought zone on daily chart.

Bears could extend further on profit-taking from strong rally in past five days and challenge next pivotal support at 1.1774 (daily Tenkan-sen/10SMA).

Break and close below the latter would signal lower top and expose key supports at 1.1702 (daily cloud base) and 1.1669 (06 Oct low).

Alternatively, sustained break above the upper pivots at 1.1880 (Kijun-sen) and 1.1906 (daily cloud top) will be bullish.

US CPI and Retail Sales data are in focus today for fresh signals.

Res: 1.1850; 1.1880; 1.1906; 1.1930
Sup: 1.1815; 1.1795; 1.1774; 1.1749

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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