EURUSD: ZEW is the main focus today

Jim Langlands FX Charts

EURUSD: 1.1766

€/Usd has traded a little higher in a tight session for much of Monday (1.1763/1.1811) before giving up the gains late in the day, while waiting on the upcoming FOMC/ ECB meetings, with much of the action coming through the crosses, where EurJpy and EurGbp were prominent drivers. As before, the 4 hour/daily momentum indicators are mixed and a neutral stance is required as we head towards the Fed and ECB Meetings, due Wed/Thur.

1 hour/4 hour indicators: Turning higher

Daily Indicators: Turning lower

Weekly Indicators: Neutral

Preferred Strategy: The short term momentum indicators look mixed and I remain fairly neutral although the daily charts do appear to be turning a little lower and may be hinting of further dollar strength ahead. The ZEW is the main focus today and the 4 hour charts look mildly constructive, so look for a range of 1.1740/1.1820 to cover it today.

Resistance		Support
1.1900	Minor	1.1763	Session low
1.1877	4 Dec high	1.1755	Daily Kijun
1.1847	6 Dec high	1.1730	8 Dec low
1.1811	Session high	1.1707	(61.8% of 1.1553/1.1943)/ Rising trend support
1.1800	100 DMA	1.1650	(76.4% of 1.1553/1.1943)

Economic data highlights will include:

German/EU ZEW Economic Sentiment Survey – Dec, US NFIB Business Optimism Index, PPI – Nov, API Weekly Crude Oil Stock Inventory

Interested in EURUSD technicals? Check out the key levels

1. R3 1.1853
2. R2 1.1833
3. R1 1.1803
PP 1.1782
1. S1 1.1752
2. S2 1.1732
3. S3 1.1702

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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