EURUSD: 1.1340
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Intraday momentum indicators (1 hour/4 hour): Overbought but pointing higher
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Daily momentum indicators: Turning higher
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Upcoming market moving events: C/B speakers, including ECB Governor, Mario Draghi, US Pending Home Sales, Wholesale Inventories
Preferred 24-hour Strategy: While the momentum indicators now generally point to further Euro strength we are up against dome decent resistance so caution is warranted ahead of further words of wisdom from Draghi later today. While below the trend line resistance a sell, with a SL placed just above – at around 1.1375/80 – may be a plan
| 24 Hour Outlook: Neutral – Possibly sell here or buy a break of 1.1380 | Medium Term: Neutral | ||
| Resistance | Support | ||
| 1.1450 | Descending trend resistance | 1.1294 | (23.6% of 1.1117/1.1348) |
| 1.1429 | 24 June ’16 high | 1.1275 | Minor |
| 1.1400 | Minor | 1.1260 | (38.2% of 1.1117/1.1348) |
| 1.1366 | 18 Aug ’16 high | 1.1234 | (50% pivot of 1.1117/1.1348) |
| 1.1348 | Session high | 1.1205 | (61.8% of 1.1117/1.1348) |
Economic data highlights will include:
German Import index, US Provisional, Wholesale Inventories, Goods Trade Balance, Pending Home Sales, EIA Crude Oil Stocks Weekly Change, ECB Governor, Mario Draghi Speech
Interested in EURUSD technicals? Check out the key levels
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