EURUSD: 1.1193

  • Intraday momentum indicators (1 hour/4 hour): Mildly Bullish

  • Daily momentum indicators: Mildly bearish but possibly turning neutral

  • Upcoming market moving events: The IFO and US Durable Goods Orders will be the main events alongside ECB Governor, Mario Draghi who will be speaking later in the day at an ECB forum in Portugal.

Preferred 24-hour Strategy: As before, I prefer to sell rallies above 1.1200 with a tight SL above 1.1230, looking for a move to 1.1110 and eventually to 1.1060/70. Overall, further rangebound trade seems likely but a soft Durable Goods Orders reading may see dollar bulls head for the exit if further rate hikes look likely to be delayed.

24 Hour Outlook: Neutral   Medium Term: Mildly bearish  
Resistance   Support  
1.1300 9 Nov high 1.1175 200 HMA
1.1295 14 June high 1.1138 22 June low
1.1253 (76.4% pivot of 1.1295/1.1118) 1.1108 30 May low
1.1228 (61.8% pivot of 1.1295/1.1118) 1.1075 18 May low
1.1212/07/08 19 June high /Daily Tenkan/Friday high 1.1067 (23.6% of 1.0340/1.1295)


Economic data highlights will include:

M:  German IFO Business Climate/Expectations, BuBa Monthly Report, US Durable Goods Orders, Dallas Fed Mfg Business Climate

T:  US Case Shiller House Price Index, Richmond Fed Mfg Index, API Weekly Crude Oil Stock Inventory

W: US Wholesale Inventories, Goods Trade Balance, Pending Home Sales, EIA Crude Oil Stocks Weekly Change

T: German/EU Consumer Confidence, EU Economic Sentiment Indicator, Industrial Confidence, Services Sentiment, Business Climate, German CPI, US Q1 GDP, US Personal Consumption/Expenditure, Jobless Claims

F: German Retail Sales, Import Price index, Unemployment, EU CPI, US Personal Income/Consumption/Expenditure- Price Index, Chicago PMI, Michigan Consumer Sentiment Index

EURUSD

 

Interested in EURUSD technicals? Check out the key levels

    1. R3 1.1215
    2. R2 1.1208
    3. R1 1.1203
  1. PP 1.1197
    1. S1 1.1192
    2. S2 1.1185
    3. S3 1.1181

 

All content on this website, www.fxcharts.com.au (FX Charts PL) is a personal view only and offers absolutely no guarantee as to the correctness or otherwise of that opinion. The content here is of a “general nature” only and does not constitute personal or investment advice. The FX Charts website is not an inducement to trade Foreign Exchange (FX). No liability whatsoever is accepted for any loss or damage that may result, directly or indirectly, from any , comment, opinion, information or omission, whether negligent or otherwise, within the FX Charts Website. The information and any opinion or outlook expressed in this commentary may be based on assumptions or market conditions and may be liable change at any time, without notice.

Recommended Content


Recommended Content

Editors’ Picks

USD/JPY drops toward 142.00 ahead of BoJ policy decision

USD/JPY drops toward 142.00 ahead of BoJ policy decision

USD/JPY has turned south, approaching 142.00 in the Asian session on Friday. Markets turn risk-averse and flock to the safety in the Japanese Yen while the Fed-BoJ policy divergence and hot Japan's CPI data also support the Yen ahead of the BoJ policy verdict. 

USD/JPY News
AUD/USD bears attack 0.6800 amid PBOC's status-quo, cautious mood

AUD/USD bears attack 0.6800 amid PBOC's status-quo, cautious mood

AUD/USD attacks 0.6800 in Friday's Asian trading, extending its gradual retreat after the PBOC unexpectedly left mortgage lending rates unchanged in September. A cautious market mood also adds to the weight on the Aussie. Fedspeak eyed. 

AUD/USD News
Gold price treads water below record peak, awaits Fedspeak

Gold price treads water below record peak, awaits Fedspeak

Gold price hovers below the all-time peak touched earlier this week amid a bearish US Dollar and rising bets for more upcoming rate cuts by the Fed. Concerns over an economic downturn in China keep the safe-haven Gold price afloat. Fedspeak remains on tap. 

Gold News
Bank of Japan set to keep rates on hold after July’s hike shocked markets

Bank of Japan set to keep rates on hold after July’s hike shocked markets

The Bank of Japan is expected to keep its short-term interest rate target between 0.15% and 0.25% on Friday, following the conclusion of its two-day monetary policy review. The decision is set to be announced during the early Asian session. 

Read more
XRP eyes gains as Ripple gears up for stablecoin launch, Grayscale XRP Trust notes rising NAV

XRP eyes gains as Ripple gears up for stablecoin launch, Grayscale XRP Trust notes rising NAV

Ripple (XRP) gained 2.3% since the start of the week. The altcoin’s gains are likely powered by key market movers that include Ripple USD (RUSD) stablecoin, Grayscale XRP Trust performance and the demand for the altcoin among institutional investors.

Read more
Moneta Markets review 2024: All you need to know

Moneta Markets review 2024: All you need to know

VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.

Read More

Majors

Cryptocurrencies

Signatures