EURUSD: Neutral – Prefer to sell rallies

Jim Langlands FX Charts

EURUSD: 1.1709

Preferred Strategy: All will depend on today’s NFP outcome but the momentum appears to be building in favour of a stronger dollar and I prefer to remain short of the Euro, looking for an eventual head/shoulder target of 1.1560. The short term momentum indicators also look heavy and I will be short heading into the US data and looking to sell into any short term rally, with a SL placed above 1.1800. Sell EurUsd @ 1.1730. SL @ 1.1785, TP @ 1.1650.

24 Hour: Neutral – Prefer to sell rallies		Medium Term: Mildly Bearish
Resistance		Support
1.1800	Minor	1.1698/95	Session low/3 Oct low
1.1785	4 Oct high	1.1661	17 Aug low
1.1765	200 HMA	1.1650	Minor
1.1750	Minor	1.1612	26 July low
1.1735	Minor	1.1603	(50% pivot of 1.1118/1.2091)

Economic data highlights will include:

German Factory Orders, US Unemployment data/NFP/Average Hourly Earnings data

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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