EURUSD: 1.2218
EurUsd saw a brief spike to 1.2295 on Friday but then slid steadily lower, with the dollar making slow but steady gains, seemingly unworried by the prospect of a US Government shutdown. The pair finished on their lows but well above the week’s low of 1.2165.
1 hour/4 hour indicators: Turning lower Daily Indicators: Up Weekly Indicators: Turning higher
Preferred Strategy: A neutral stance seems wise at the start of the week with the momentum indicators showing little change from Friday. The short term momentum indicators are pointing a little lower, so a retest of 1.2200/1.2170 would not surprise, but with the dailies still looking positive, a return to the trend high should not be discounted either.
NB. The Euro is opening inter-bank trade on Monday at 1.2265. A cautious stance is required.
Buy EurUsd @ 1.2170. SL @ 1.2280, TP @ 1.2135
| Resistance | Support | ||
| 1.2335 | Minor | 1.2218 | Friday low |
| 1.2322 | 17 Jan high | 1.2165 | 17 Jan low |
| 1.2295 | Friday low | 1.2140 | 23.6% of 1.1553/1.2295/200 HMA |
| 1.2275 | H/S Neckline | 1.2120 | Minor |
| 1.2260 | Minor | 1.2100 | Minor |
Economic data highlights will include:
M: German BuBa Monthly Report, Chicago Fed National Activity Index
T: German/EU ZEW Economic Sentiment Survey, EU Preliminary Consumer Confidence (Jan), Richmond Fed Mfg Index, World Economic Forum- Davos
W: Eurogroup Meeting, EU/US Flash Manufacturing/Services/Composite PMIs, US Existing Home Sales, EIA Crude Oil Stocks Weekly Change
T: EcoFin Meeting, German IFO Business Climate/Expectations, ECB Interest Rate Decision, Monetary Policy Statement, US Jobless Claims, Wholesale Inventories, New Home Sales, Kansas Fed Mfg Activity, World Economic Forum- Davos.
Interested in EURUSD technicals? Check out the key levels
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