EURUSD 1.0764 – neutral – The 1.0897 area may cap bounces
EURUSD sold off from the 1.1494 lower high (October 12, 2015) to reach 1.0674 (November 10, 2015 low), retracing 74.6% of the 1.0461/1.1713 March/August rise), before consolidating. The 1.0897 resistance area (October 26, 2015 weekly low) should cap bounces. Below 1.0674 would resume weakness towards the YTD low at 1.0461 (March 9, 2015 low). Below lies the 1.0214 channel breakdown target (as shown on the weekly chart). However, an upside break above the 1.0897 area would suggest short-term bullish momentum is back and shift the focus towards 1.1095 (October 26, 2015 high) near the 200 day moving average currently at 1.1092.
Outlook:
Intraday: neutral
Daily: neutral
Weekly: bearish
EURUSD sold off from the 1.1494 lower high (October 12, 2015) to reach 1.0674 (November 10, 2015 low), retracing 74.6% of the 1.0461/1.1713 March/August rise), before consolidating. The 1.0897 resistance area (October 26, 2015 weekly low) should cap bounces. Below 1.0674 would resume weakness towards the YTD low at 1.0461 (March 9, 2015 low). Below lies the 1.0214 channel breakdown target (as shown on the weekly chart). However, an upside break above the 1.0897 area would suggest short-term bullish momentum is back and shift the focus towards 1.1095 (October 26, 2015 high) near the 200 day moving average currently at 1.1092.
Outlook:
Intraday: neutral
Daily: neutral
Weekly: bearish
