EUR Trading Outlook
TECHNICALS: The bear trend remains relatively unchallenged despite the modest correction and prices are consolidating in a broad .9250/.9400 channel (see chart). I’d expect more of the same today but the bears look to have stronger cards in anticipation of a return of dominant recent down-trend. But pick your entry levels carefully.
TECHNICALS: The hourlies are showing a series of higher lows (see chart) which show that some strength is finally returning. Nevertheless, the fact that it broke above previous lows at .9325 but then immediately retraced almost 100 pips is a confusing signal. There is no clear sign of any basing formation developing so it looks like we are in a classic consolidation phase.
TECHNICALS: The big level to watch on the topside is previous lows at 0.9325 (see chart) and the bulls will need to break back above there in order to generate fresh momentum. Support levels start at yesterday’s lows near .9200 and of course at Monday’s .9145 level.
TECHNICALS: The short-term battle for supremacy near .9200 seems to have been won by the bulls and I believe we are now due for a decent retracement to .9620 at least (see chart). Initial resistance will be at previous lows near .9325 and I’d expect short-term support to now form near .9220/30.
TECHNICALS: The strong down-trend still dominates the technical picture and we are currently in a consolidation phase between .9150/.9250 (see chart). A break higher out of this range will run into further solid resistance at prior lows .9325 and the bulls will need to re-take this latter level in order to try and force a base in place.
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