EURUSD holds in directionless mode ahead of Fed

Slobodan Drvenica Windsor Brokers

EURUSD

The Euro continues to thread water, holding within a narrow range around 1.1000 handle, awaiting hints from Fed, due later today. The pair trades in directionless mode for a couple of sessions, but overall bias remains negative.
Initial attempts below 1.1000 were contained at 1.0950, with subsequent upside rejection at 1.1038 yesterday, when bearish candle with long upper shadow was left, signaling limited upside actions.
Plethora of good resistances lies above near-term congestion and maintaining downside pressure for now. Falling 10SMA, now lowered to 1.1022, marks initial barrier, followed by 20SMA at 1.1055 and pivotal barrier, 200SMA/Fibo 61.8% of 1.1163/1.0950 downleg at 1.1075/82 zone. Only sustained break here would signal fresh direction upside.
On the downside, lows of today/yesterday at 1.0977/79, mark immediate support, guarding downside pivot at 1.0950 zone (lows of 25/22 July), loss of which would open way towards key 1.0909 support.

Res: 1.1022; 1.1039; 1.1055; 1.1080
Sup: 1.0977; 1.0950; 1.0937; 1.0909

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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