EURUSD: Neutral – Possibly sell here or buy a break of 1.1380

Jim Langlands FX Charts

EURUSD: 1.1340

Intraday momentum indicators (1 hour/4 hour): Overbought but pointing higher
Daily momentum indicators: Turning higher
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

1. R3 1.1572
2. R2 1.1461
3. R1 1.1401
PP 1.1290
1. S1 1.1230
2. S2 1.1119
3. S3 1.1059

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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