EURUSD: 1.0797
EurUsd has had a choppy session either side of 1.0800 (1.0775/1.0824), but contained below the 2nd Feb high of 1.0829, leaving the outlook unchanged.
A similar session ahead would not really surprise given the current, slightly negative look of the short term momentum indicators. The dailies look positive though, and a break of 1.0830 could then see a run towards 1.0873 (8 August high) and eventually on to the 200 DMA (1.0900) and possibly higher, towards 1.0935 and eventually to 1.1000. On the downside, as before, minor support will be seen at the session low and then at the various Fibo levels from the move up from the recent 1.0490 low, beginning at 1.0740 and then at 1.0695. As before, given the positive look of the daily charts, it would appear that buying dips is the current plan but I would keep a SL placed below 1.0735, while on the topside, looking for a break of 1.0830, hoping for a run towards 1.0900.
| 24 Hour: Prefer to buy dips | Medium Term: Prefer to buy dips | ||
| Resistance | Support | ||
| 1.0932 | (61.8% of 1.1299/1.0340) | 1.0775 | Session low |
| 1.0900 | 200 DMA | 1.0745 | (23.6% of 1.0494/1.0824) |
| 1.0873 | 5 Aug high | 1.0718 | 21 Mar low/200 HMA |
| 1.0829 | 2 Feb | 1.0698 | (38.2% of 1.0494/1.0824) |
| 1.0824 | Session high | 1.0660 | (50% of 1.0494/1.0824) |
Economic data highlights will include:
German Consumer Confidence, EU Economic Bulletin, Targeted LTRO, Janet Yellen Speech, US Jobless Claims, Kansas Fed Mfg Activity, New Home Sales, Fed’s Kashkari Speech EU Provisional Consumer Confidence
Interested in EURUSD technicals? Check out the key levels
All content on this website, www.fxcharts.com.au (FX Charts PL) is a personal view only and offers absolutely no guarantee as to the correctness or otherwise of that opinion. The content here is of a “general nature” only and does not constitute personal or investment advice. The FX Charts website is not an inducement to trade Foreign Exchange (FX). No liability whatsoever is accepted for any loss or damage that may result, directly or indirectly, from any , comment, opinion, information or omission, whether negligent or otherwise, within the FX Charts Website. The information and any opinion or outlook expressed in this commentary may be based on assumptions or market conditions and may be liable change at any time, without notice.
Recommended Content
Editors’ Picks
EUR/USD clings to gains above 1.0750 after US data
EUR/USD manages to hold in positive territory above 1.0750 despite retreating from the fresh multi-week high it set above 1.0800 earlier in the day. The US Dollar struggles to find demand following the weaker-than-expected NFP data.
GBP/USD declines below 1.2550 following NFP-inspired upsurge
GBP/USD struggles to preserve its bullish momentum and trades below 1.2550 in the American session. Earlier in the day, the disappointing April jobs report from the US triggered a USD selloff and allowed the pair to reach multi-week highs above 1.2600.
Gold struggles to hold above $2,300 despite falling US yields
Gold stays on the back foot below $2,300 in the American session on Friday. The benchmark 10-year US Treasury bond yield stays in negative territory below 4.6% after weak US data but the improving risk mood doesn't allow XAU/USD to gain traction.
Bitcoin Weekly Forecast: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.
Week ahead – BoE and RBA decisions headline a calm week
Bank of England meets on Thursday, unlikely to signal rate cuts. Reserve Bank of Australia could maintain a higher-for-longer stance. Elsewhere, Bank of Japan releases summary of opinions.