EURUSD: Mildly Bearish – Prefer to sell rallies
EURUSD: 1.1148
EurUsd has traded heavily on Monday, following the Fed’s Dudley making some upbeat comments on the US economy, and the pair is finishing near the day’s lows of 1.1142.
With the momentum indicators now all looking heavy, further losses look likely to test last week’s lows at just above 1.1130 beyond which would allow a move to 1.1100/10 and possibly to 1.1075 and 1.1015 although possibly not yet. Sellers will arrive at 1.1170 and the session high of 1.1212.
As before, while the dailies point lower, selling rallies towards 1.1200, with a SL placed above 1.1230 seems to be the plan for Tuesday.
| 24 Hour: Mildly Bearish – Prefer to sell rallies | Medium Term: Mildly Bearish | ||
| Resistance | Support | ||
| 1.1295/1.1300 | 14 June high /9 Nov high | 1.1142 | Session low |
| 1.1255 | (76.4% pivot of 1.1295/1.1131) | 1.1138/31 | 16 June low /15 June low |
| 1.1232 | (61.8% pivot of 1.1295/1.1131) | 1.1108 | 30 May low |
| 1.1212 | Session high | 1.1075 | 18 May low |
| 1.1170 | Minor | 1.1067 | (23.6% of 1.0340/1.1295) |
Economic data highlights will include:
EU Current Account (May), German PPI, US Current Account (Q1), Fed Monetary Policy Report, API Weekly Crude Oil Stock Inventory, Fed’s Kaplan/Fischer Speeches
Interested in EURUSD technicals? Check out the key levels
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.
