EURUSD: Neutral

EURUSD: 1.1477

Preferred 24-hour Strategy: Range trade 1.1430/1.1530?

EurUsd has had a choppy session below the previous high of 1.1489, and we could be in for more of the same today while waiting on Thursday’s ECB meeting unless the German/EU ZEW Economic Sentiment Survey provides something directional.

Technically, below Monday’s low of 1.1435,  the initial support lies at Friday’s  low  (1.1390) and the 13 July low of 1.1370, below which could then run towards 1.1345/50 and then to 1.1310/15.

On the topside, the initial resistance will again be seen at 1.1485/90 ahead of 1.1500. Above here, only minor hurdles exist to stop the Euro from heading to the May 2016 high of 1.1616 although I don’t think we see it up here today.

Look for a similar session ahead, with a chance of running stops above 1.1500, although if this does happen I doubt that we see too much follow-through to higher levels today.

24 Hour Outlook: Neutral   Medium Term: Prefer to buy dips.  
Resistance   Support  
1.1616 2 May 16 high 1.1434 Session low
1.1580 Minor 1.1390 14 July low
1.1535 Minor 1.1370 13 July low
1.1489 12 July high 1.1345 (38.2% of 1.1117/1.1489)
1.1486 Session high 1.1310 5 July low


Economic data highlights will include:

German/EU ZEW Economic Sentiment Survey, US NAHB Housing Market Index, Import/Export Index, API Weekly Crude Oil Stock Inventory

EURUSD

 

Interested in EURUSD technicals? Check out the key levels

    1. R3 1.1486
    2. R2 1.1481
    3. R1 1.1477
  1. PP 1.1472
    1. S1 1.1467
    2. S2 1.1462
    3. S3 1.1458

 

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