EURUSD: 1.0581
EurUsd is more or less unchanged today after a choppy session (1.0537/95) leaving the medium term outlook unchanged.
The short term momentum indicators still look a little more positive, and on the topside, minor resistance will be seen at the session high ahead of 1.0605/10 and 1.0675/80. Above here looks unlikely today, but we could potentially see a move back to 1.0700 and above. Near term support will arrive at the session low, and then again as we approach 1.0500 and the 1.0493 22 Feb low, below which there is not too much support ahead of the 11 January low of 1.0453. Below that there is again too much to support it ahead of the 3 Jan low of 1.0340 although that will be for another day. For today, with the 1 and 4 hour charts looking mildly positive, a squeeze back towards 1.0600/30 would note really surprise but selling into rallies remains the preferred medium term theme.
| 24 Hour: Prefer to sell rallies | Medium Term: Mildly bearish | ||
| Resistance | Support | ||
| 1.0700 | 22 Feb high | 1.0537 | Session low |
| 1.0678 | 16 Feb high | 1.0493 | 22 Feb low |
| 1.0635 | (76.4% of 1.0678/1.0493) | 1.0480 | Minor |
| 1.0607/10 | (61.8% of 1.0678/1.0493)/ Descending trend resistance | 1.0453 | 11 Jan low |
| 1.0595 | Session high | 1.0420 | Minor |
Economic data highlights will include:
US Michigan Consumer Sentiment Index, New Home Sales, Baker Hughes Oil Rig Count
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 daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.