EURUSD: Neutral

Jim Langlands FX Charts

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

Interested in EURUSD technicals? Check out the key levels

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

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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