EURUSD Technical Overview:
Pivot: 1.1490
Key Resistance: 1.1520 - 1.1545 - 1.1568 - 1.1590
Key Support: 1.1490 - 1.1455 - 1.1532 - 1.1512
Day Trading Range: 1.1440 - 1.1560
Technical Indicator:
RSI: Indicator shows mixed bearish trend.
Moving Average: SMA 50(1.1511) & SMA 100(1.1539) strong resistance for pair today.
Technical Trade Idea:
Most Likely Scenario: long positions above 1.1490 with targets at 1.1522 & 1.1548 in extension.
Alternative scenario: below 1.1490 look for further downside with 1.1450 & 1.1422 as targets.
Fundamental:
Concerns on Italian politics eased somewhat on Thursday and allowed spot to rebound from recent lows in the 1.1460 region. In addition, news citing the ECB was discussing its reinvestment policy also lent some support to the single currency.
However, the bull run met strong resistance in the 1.1540/45 band, forcing the pair to recede to the current 1.1500 zone.
In the meantime, spot is expected to remain under pressure amidst rising US yields while further range bound should be seen ahead of the release of US Non-farm Payrolls for the month of September.
Earlier in the session, German Factory Orders expanded 2.0% MoM during August, surpassing estimates. In addition, Producer Prices rose more than expected 0.3% inter-month during the same period and 3.1% on a yearly basis.
Thanks
YoCryptoManic
Pivot: 1.1490
Key Resistance: 1.1520 - 1.1545 - 1.1568 - 1.1590
Key Support: 1.1490 - 1.1455 - 1.1532 - 1.1512
Day Trading Range: 1.1440 - 1.1560
Technical Indicator:
RSI: Indicator shows mixed bearish trend.
Moving Average: SMA 50(1.1511) & SMA 100(1.1539) strong resistance for pair today.
Technical Trade Idea:
Most Likely Scenario: long positions above 1.1490 with targets at 1.1522 & 1.1548 in extension.
Alternative scenario: below 1.1490 look for further downside with 1.1450 & 1.1422 as targets.
Fundamental:
Concerns on Italian politics eased somewhat on Thursday and allowed spot to rebound from recent lows in the 1.1460 region. In addition, news citing the ECB was discussing its reinvestment policy also lent some support to the single currency.
However, the bull run met strong resistance in the 1.1540/45 band, forcing the pair to recede to the current 1.1500 zone.
In the meantime, spot is expected to remain under pressure amidst rising US yields while further range bound should be seen ahead of the release of US Non-farm Payrolls for the month of September.
Earlier in the session, German Factory Orders expanded 2.0% MoM during August, surpassing estimates. In addition, Producer Prices rose more than expected 0.3% inter-month during the same period and 3.1% on a yearly basis.
Thanks
YoCryptoManic