EURUSD: Neutral

Jim Langlands FX Charts

EURUSD: 1.1829

Preferred Strategy: EurUsd is steady ahead of today’s release of the US inflation figures after having tested the neckline of the head/shoulder by reaching 1.1879. A soft inflation reading today would see the dollar come under pressure and would then take out the stops above the neckline and would see the Euro head towards 1.1900/1.2000. A strong number would underpin the dollar and send the Euro lower, potentially setting up an eventual H/S objective of around 1.1550 or an even bigger head shoulder target of 1.1235. Don’t get excited! This is a very long way off.. Overall, another range trade may be the plan for Friday ahead of the US data (1.1800/1.1.1870), beyond which just go with the flow.

24 Hour: Neutral		Medium Term: Mildly Bearish – Prefer to sell rallies
Resistance		Support
1.1930	(61.8% of 1.2092/1.1669)	1.1826	Session low
1.1920	Descending trend resistance	1.1795	11 Oct low
1.1900	Minor	1.1760	200 HMA
1.1879/82	Session high/(50% of 1.2092/1.1669)	1.1725	Minor
1.1870	Neckline resistance	1.1700	Minor

Economic data highlights will include:

German CPI/HICP, US Retail Sales, CPI, Michigan Consumer Sentiment Index, Business Inventories, Baker Hughes Oil Rig Count.

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.

EUR/USD hits two-day highs near 1.1820

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GBP/USD reclaims 1.3600 and above

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XRP rally extends as modest ETF inflows support recovery

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