EURUSD eases from recovery high at 1.1277, n/t focus remains at 1.1300/25 targets

Slobodan Drvenica Windsor Brokers

EURUSD

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

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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