Slobodan Drvenica
Windsor Brokers
EURUSD
The Euro tracks sterling and moved higher in early European session, after narrow range in Asia, with daily cloud top offering solid support (1.1569) and keeping the downside protected.
Conflicting daily techs send mixed signals, as break and close above daily cloud was positive signal, but plethora of daily MA’s marks strong barriers at 1.1607/27 zone and keeps the upside limited for now.
The action of British pound would likely affect Euro, with signals of continuation of recovery leg from 1.1432 seen on sustained break above MA’s barriers, while negative signal could be expected on return into daily cloud.
German / EU ZEW data are in focus today, with both indicators showing negative forecasts (German Oct -12.3 f/c vs -10.6 prev / EU -9.2 f/c vs -7.2 prev).
Releases at / below forecasted level could have negative impact on the single currency, which would soften near-term structure and re-expose the base of near-term congestion at 1.1535, reinforced by 10SMA.
Res: 1.1607; 1.1627; 1.1668; 1.1724
Sup: 1.1569; 1.1545; 1.1535; 1.1518
Interested in EURUSD technicals? Check out the key levels
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
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