EURUSD: Mildly Bearish – Prefer to sell rallies

Jim Langlands FX Charts

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

1. R3 1.1226
2. R2 1.1218
3. R1 1.1211
PP 1.1203
1. S1 1.1197
2. S2 1.1189
3. S3 1.1182

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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