EURUSD: Prefer to sell rallies – Possible range trade

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

eurusd

 

Interested in EURUSD technicals? Check out the key levels

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

 

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