€/Usd is a little lower having traded a 1.1780/1.1847 range and is currently sitting right on the 100 DMA which may act as a magnate today although the short term momentum indicators hint at lower levels ahead.
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 Thursday, so selling rallies may be a plan today while not looking for too much ahead of Friday’s NFP figure. I remain neutral on the Euro, although the daily charts, which had been leaning higher appear to be running out of steam and may be hinting of further dollar strength ahead. Look to trade 1.1760/1.1830 today.
|1.1890||Chart Gap||1.1780||Session low|
|1.1877||4 Dec high||1.1775||55 DMA|
|1.1847||Session high||1.1755||(50% of 1.1553/1.1943)|
|1.1825||Minor||1.1707||(61.8% of 1.1553/1.1943)|
|1.1800||100 DMA||1.1685||Rising trend support|
Economic data highlights will include:
EU GDP, US Jobless Claims, Consumer Credit Change, ECB Draghi Speech
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