EURUSD: Look to trade 1.1760/1.1830

Jim Langlands FX Charts

EURUSD: 1.1792

€/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.

Resistance		Support
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

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.

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