The Euro is a bit lower today as the dollar attempts a partial recovery but it is still above 1.1100 and a choppy session may be in store given the lack of data to drive direction.
Above today’s session high of 1.1171, if we get there, further medium term gains look possible, with 1.1210 being the first real resistance, but above which there is little to stop it heading back to 1.1300.
In the short term though, the 4 hour momentum indicators are turning lower after having reached overbought extremes, so I would be surprised to take out 1.1170 today and further consolidation/correction would seem probable. If so, minor support will be seen at the session low of 1.1075, below which, could see a run back towards 1.1040 and 1.1025 although I doubt that we head down here today.
|24 Hour: Prefer to sell rallies – Possible range trade||Medium Term: Mildly Bullish|
|1.1210||(23.6% of 1.3993/1.0340)||1.1075||Session low|
|1.1172||Session high||1.1043||(38.2% of 1.0838/1.1170)|
|1.1150||Minor||1.1025||(23.6% of 1.0586/1.1170)|
Economic data highlights will include:
German PPI, EU Current Account, Consumer Confidence, Baker Hughes Oil Rig Count
Interested in EURUSD technicals? Check out the key levels
- R3 1.1260
- R2 1.1218
- R1 1.1161
- PP 1.1118
- S1 1.1061
- S2 1.1019
- S3 1.0962
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