EURUSD: 1.1193
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Intraday momentum indicators (1 hour/4 hour): Mildly Bullish
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Daily momentum indicators: Mildly bearish but possibly turning neutral
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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
Interested in EURUSD technicals? Check out the key levels
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