EURUSD: Look to trade 1.1740/1.1810

Jim Langlands FX Charts

EURUSD: 1.1773

€/Usd is lower at the ends of Thursday’s session as the dollar remains strong amid optimism that the U.S. tax reform bill will pass by the end of the year. Finishing near the lows of 1.7770, we will now await the release of the NFP later today. The Euro also looks set to stay under pressure from selling in EurGbp and this could mean limitations on the upside against the dollar.

1 hour/4 hour indicators: Turning lower

Daily Indicators: Possible topping formation

Weekly Indicators: Neutral

Preferred Strategy: The short term momentum indicators look a little heavy again on Friday, so selling rallies and staying long dollars (short Euro) is preferred as we head into the NFP. I remain fairly neutral on the pair although the daily charts, which had been leaning higher do now appear to be turning lower and may be hinting of further dollar strength ahead. Look to trade 1.1740/1.1810 today ahead of the jobs numbers, with a bias towards heading to 1.1700 later in the day.

Resistance		Support
1.1890	Chart Gap	1.1775	55 DMA/Session low
1.1877	4 Dec high	1.1755	(50% of 1.1553/1.1943)
1.1847	6 Dec high	1.1707	(61.8% of 1.1553/1.1943)
1.1814	Session high	1.1685	Rising trend support
1.1800	100 DMA	1.1650	(76.4% of 1.1553/1.1943)

Economic data highlights will include:

German Trade Balance, US Jobs/NFP/Average Hourly Earnings

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.

EUR/USD turns negative near 1.1850

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