Slobodan Drvenica
Windsor Brokers
The Euro eases from the peak of strong four-day recovery at 1.1277, where rally found strong resistance (Fibo 76.4% of 1.1325/1.1122/former highs of 15/09 Sep). Pullback found footstep at 1.1234 (lower Bollinger band of hourly chart, reinforced by 30SMA/daily Kijun-sen line), which is expected to ideally contain dips.
Overall bullish structure is supported by firm bullish setup of daily MA’s and favors fresh attempts higher. Lift above 1.1280 zone is needed to open key near-term barrier at 1.1325 (peak of 08 Sep).
However, overbought Slow Stochastic signals extended consolidation and possible deeper correction. Fresh weakness would expose next good support at 1.1218 (Fibo 38.2% of entire 1.1122/1.1277 recovery/hourly higher base), which lies just above pivotal 1.1192 support (23 Sep low and hourly trough).
Reversal below 1.1200 support (daily Tenkan-sen) will be bearish.
Res: 1.1280; 1.1325; 1.1365; 1.1403
Sup: 1.1234; 1.1218; 1.1200; 1.1170
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
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