EURUSD: Prefer to sell rallies – Possible range trade

Jim Langlands FX Charts

EURUSD: 1.1098

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
Resistance		Support
1.1210	(23.6% of 1.3993/1.0340)	1.1075	Session low
1.1190	Minor	1.1055	100 HMA
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)
1.1125	Minor	1.1000	Minor

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

1. R3 1.1260
2. R2 1.1218
3. R1 1.1161
PP 1.1118
1. S1 1.1061
2. S2 1.1019
3. S3 1.0962

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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