Morning Technical Newsletter
EUR/USD:
Despite an earnest effort to overthrow 1.16 (and surrounding monthly opening levels from October and September at 1.1604 and 1.1595, respectively) on Tuesday, the shared currency failed to sustain gains beyond 1.1621, consequently concluding the day more or less unchanged.
In light of yesterday’s push to fresh highs (red arrows), another retest of H4 support at 1.1543 (unites with a 38.2% Fib support at 1.1550) might be on the cards today for a possible long (small green H4 zone). Also worth acknowledging on this scale is the RSI displaying mild divergence just south of its overbought value.
Higher-timeframe technicals bring light to a weekly demand at 1.1312-1.1445, which, as you can see, is holding ground after a two-week bearish stint out of a neighbouring resistance area at 1.1717-1.1862. This is now considered a ranging market on this scale.
The daily support area at 1.1479-1.1583, although suffering a sizable breach to its lower edge in the early stages of last week in the shape of a bullish-pin-bar formation, remains in the fold. Bringing with it a notable history dating back as far as October 2017, the next upside target on this scale can be seen at resistance drawn from 1.1723 (sited within the walls of the noted weekly resistance area, as well as representing a nearby Quasimodo resistance based on the high marked with a red arrow at 1.1733). Traders may also want to note on this timeframe a bearish pin-bar formation took shape as a result of yesterday’s movement.
Today’s target: 1.1540
Today’s data points: EU economic summit; German Buba President Weidmann speaks; US housing figures; FOMC member Brainard speaks; FOMC meeting minutes; Treasury currency report.
APPLE:
BITCOIN:
SPX:
GOLD:
USOIL:
EUR/USD:
Despite an earnest effort to overthrow 1.16 (and surrounding monthly opening levels from October and September at 1.1604 and 1.1595, respectively) on Tuesday, the shared currency failed to sustain gains beyond 1.1621, consequently concluding the day more or less unchanged.
In light of yesterday’s push to fresh highs (red arrows), another retest of H4 support at 1.1543 (unites with a 38.2% Fib support at 1.1550) might be on the cards today for a possible long (small green H4 zone). Also worth acknowledging on this scale is the RSI displaying mild divergence just south of its overbought value.
Higher-timeframe technicals bring light to a weekly demand at 1.1312-1.1445, which, as you can see, is holding ground after a two-week bearish stint out of a neighbouring resistance area at 1.1717-1.1862. This is now considered a ranging market on this scale.
The daily support area at 1.1479-1.1583, although suffering a sizable breach to its lower edge in the early stages of last week in the shape of a bullish-pin-bar formation, remains in the fold. Bringing with it a notable history dating back as far as October 2017, the next upside target on this scale can be seen at resistance drawn from 1.1723 (sited within the walls of the noted weekly resistance area, as well as representing a nearby Quasimodo resistance based on the high marked with a red arrow at 1.1733). Traders may also want to note on this timeframe a bearish pin-bar formation took shape as a result of yesterday’s movement.
Today’s target: 1.1540
Today’s data points: EU economic summit; German Buba President Weidmann speaks; US housing figures; FOMC member Brainard speaks; FOMC meeting minutes; Treasury currency report.
APPLE:
BITCOIN:
SPX:
GOLD:
USOIL: