EURUSD: Look to trade 1.1760/1.1830

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

eurusd

 

 

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