EURUSD has chopped sideways since taking out stops in Asia
EURUSD: 1.2212
EurUsd has chopped sideways since taking out stops in Asia yesterday, confined pretty much to a 1.2200/80 range through the Europe/US sessions but closing near the lows as US bond yields climber higher, putting a bid tone under the dollar.
1 hour/4 hour indicators: NeutralDaily
Indicators: UpWeekly
Indicators: Turning higher
Preferred Strategy: A neutral stance seems wise right now although the longer term charts do still point to higher levels ahead. Good offers will arrive in the 1.2280/1.2320 area while a break below 1.2195 would open the way towards 1.2140. ECB/Buba speeches and the US Housing data will largely provide the direction today along with any directional move in bond markets.
| Resistance | Support | ||
| 1.2335 | Minor | 1.2210 | Minor |
| 1.2322 | Session high | 1.2195 | Session low |
| 1.2300 | Minor | 1.2140 | 23.6% of 1.1553/1.2219 |
| 1.2275 | H/S Neckline | 1.2120 | Minor |
| 1.2250 | Minor | 1.2100 | Minor |
Economic data highlights will include:
T: Buba Weidmann Speech, EC’s Coeure Speech, US Philadelphia Fed Mfg Survey, Housing Starts, Building Permits, Jobless Claims, EIA weekly crude oil stock change
Author
Jim Langlands
FX Charts
Jim Langlands began his trading career in the commodities markets in London in 1976, before moving to Australia in 1979 to work as a floor trader on the Sydney Futures Exchange.
