EURUSD Technical Outlook (Daily)
EURUSD: The majors’ Friday movements extended this Monday, with the USD up Vs all of its major peers, and commodity related currencies (AUD, NZD, CAD) underperforming due to a sharp decline in Crude Oil and Gold’s prices.
The Buck got some support from US Fed’s speakers offering a generally Hawkish rhetoric throughout the day Monday.
The EURUSD traded within Fibo marks, with selling interest rising around 1.1420, the Fibo 50% retracement of its latest Bullish run, but holding above 1.1370, the 61.8% Fibo retracement of the same rally, range bound for most of the day and with a general Bearish tone, despite the lack of momentum.
The 4 hours, shows that the 20-Day SMA has extended its decline and now stands a few pips above the above mentioned Fibo resistance, while the Momentum indicator aims higher below the 100 mark, and the RSI indicator heads lower around 38, supporting some additional declines for Tuesday.
Support marks:1.1370 1.1335 1.1290
Resistance marks: 1.1420 1.1460 1.1500
Latest posts by Paul Ebeling (see all)
- Ford Vs Ferrari, ‘The 24 Hour War’ - October 21, 2016
- The Outlook for American Businesses is Grim - October 21, 2016
- Majority of American Voters, “Hillary Clinton Should Have Been Indicted” - October 21, 2016