Thursday January 28, 2016 - 15:52:15 GMT
Share This Story
Global-View.com - www.global-view.com
Exclusive: EURUSD 1.10 or Bust!
The dollar has turned soft and this has EURUSD trading above a set of daily moving averages (5, 10, 20 and 50 day) that are clustered in the 1.08xx range. It also is getting support from the one and four hour up trendlines that I have been pointing out the past two days. This has setup a risk of 1.10 being tested, which is more of a key psychological than technical level and the midpoint of what has been essentially a 1.05-1.15 range (with only a brief flip above the upper end) since the EURUSD bottomed aroiund 1,0460 in March 2015,
What would trigger a run at 1.10?
While key chart resistance is in the 1.0975-90 area, which includes the 100 day moving average, as the one hour chart below shows 1.0962 is a key level. An hourly close above this level would setup a clear path run at 1.10. While the risk is pointed towards a run at 1.10, a failure to decisively break 1.0962 would leave EURUSD within a 1.0850-1.0950 range.
Jay Meisler, MBA CTA
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."