EURUSD parks itself between 1.22 & 1.23 (currently 1.2208)

  • German political news helps push the euro further away from 1.2300 and the option barrier as trouble looms for SDP leader Schulz getting the coalition deal past party members
  • ECB sources story gives euro another kick lower on lack of expectation for any guidance change at next week’s meeting
  • ECB also in hot water from EU auditors over bank supervision
  • No shocks from final CPI numbers unchanged from Germany (HICP 1.7% y/y) and Italy (HICP 0.9% y/y)
  • 1.2202 the low after all the above news is traded (55 H1MA 1.2207)
  • Further support around 1.2185/90 but stops under 1.2200 may be big enough to blow through
  • 1.2150/60, 1.2120, 1.2100 & 1.2090 the main support under 1.2200
  • A lot of moving average tech needs to play catch up
  • Holding above 1.2200 keeps the rally in place but buyers will need a swift return to take on 1.23, or the upswing risks retracing further
  • Resistance now at 1.2240. 1.2270/80, 1.2290 & 1.2300
EURUSD daily chart

EURUSD daily chart

 

Ryan Littlestone

Psychedelic chartist extraordinaire. Have your shades ready.
Philosophy: “Don’t be a Dick for a tick”

Read how Ryan got into trading here
Ryan Littlestone

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