EUR Trading Outlook
TECHNICALS: The fact that prices stalled near the 76.4% retracement of the .8850/.9240 rally will be giving the bulls some slight hope (see chart), but it’s only slight as the bears still look to have all the strong cards. The hourly chart is showing support near .8965/70 and resistance at .9035/40, so these are the main levels to watch today.
TECHNICALS: We are looking at 2 possibilities on the daily chart which both suggest the same outcome; further range-trading between .90/.93 in coming days. Oversold dailies could reverse as a basing formation develops (see chart) or the same oversold factors unwind through sideways consolidation before the downtrend continues.
TECHNICALS: The sideways consolidation continues whilst the market is working through its heavily oversold daily indicators. Most immediate resistance is at .9220, with stronger levels near .9320. Support levels should be solid near .9060 and getting much stronger near .9000 (see chart).
TECHNICALS: An intraday break-down level .9210 is capping for now and whilst below there, we have the possibility of a deeper retracement back towards .9030 (see chart). Even if this resistance level breaks, there are likely to be more stiff levels near .9300. Overall the heavily oversold dailies look to be reversing so I definitely favour the buy-dip approach.
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