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.|
|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
Interested in EURUSD technicals? Check out the key levels
- R3 1.1486
- R2 1.1481
- R1 1.1477
- PP 1.1472
- S1 1.1467
- S2 1.1462
- S3 1.1458
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