EURUSD: Mildly bullish

Jim Langlands FX Charts

EURUSD: 1.0571

Having traded down to 1.0493 in Europe, the Euro has turned higher after the release of the FOMC Minutes, currently near the session high of 1.0572.

The short term momentum indicators now look a little more positive, and on the topside, minor resistance will be seen at 1.0585 ahead of 1.0605/10 and 1.0675/80. Above here looks unlikely today, but we could potentially see a move back to 1.0700 and above. Near term support will arrive as we approach 1.0500 and the 1.0493 session low, below which there is not too much support ahead of the 11 January low of 1.0453. Below that there is again too much to support it ahead of the 3 Jan low of 1.0340 although that will be for another day. For today, with the 1 and4 hour charts looking a little more positive, a squeeze back towards 1.0600/30 would note really surprise but selling into rallies remains the preferred medium term theme.

24 Hour: Mildly bullish		Medium Term: Mildly bearish
Resistance		Support
1.0678	16 Feb high	1.0525	Minor
1.0635	(76.4% of 1.0678/1.0493)	1.0493	Session low
1.0607	(61.8% of 1.0678/1.0493)	1.0480	Minor
1.0585	(50% of 1.0678/1.0493)	1.0453	11 Jan low
1.0572	Session high	1.0420	Minor

Economic data highlights will include:

German Consumer Confidence, GDP, US Jobless Claims, House Price Index, Kansas Fed Mfg Activity, EIA Crude Oil Stocks Weekly Change

Interested in EURUSD technicals? Check out the key levels

1. R3 1.0665
2. R2 1.0649
3. R1 1.0637
PP 1.0621
1. S1 1.0609
2. S2 1.0593
3. S3 1.0581

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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