EURUSD holds in narrowing consolidation around 1.18 handle

Slobodan Drvenica Windsor Brokers

EURUSD

The Euro trades within narrowing consolidation above new five-month low at 1.1763 and moving around 1.18 handle in early Friday’s trading.
Mixed signals from momentum and MA’s and oversold slow stochastic signal further consolidation.
Focus turns on EU trade data as German PPI and EU C/A, released earlier did not provide firmer signal.
Overall structure is bearish and keeps the downside at risk. Break below 1.1763 would expose strong supports at 1.1709 (Fibo 38.2% of 1.0340/1.2555) and 1.1675 (top of thick weekly Ichimoku cloud).
Extended upticks should stay capped by falling 10SMA (1.1866) to keep bearish bias intact.

Res: 1.1837; 1.1854; 1.1866; 1.1879
Sup: 1.1789; 1.1776; 1.1763; 1.1709

Interested in EURUSD technicals? Check out the key levels

1. R3 1.1891
2. R2 1.1864
3. R1 1.1829
PP 1.1803
1. S1 1.1768
2. S2 1.1741
3. S3 1.1706

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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