In majors, our key focus remains on EURUSD as the price has been hovering tad above parallel surface 1.1300. Weekly pivotal finds between 1.1300-1.250 below here focus turn to 1.1200/1.1180 it’s 61.8% fib reaction of Jan 2017 low-Feb 2018 peak. The technical landscape has not changed since mid- August; we still believe 1.1300 is the critical level to focus ahead of the US data risk.
While holding 1.1300 (daily closing basis), we could expect a corrective rally to 1.1360 and 1.1400 initially, followed by 1.1450 and 1.1500. We remain to hold on to our recent long EURSUD trade and we still believe the downside risk surrounding the 200MA(weekly) can still be gauged as neutral.
Turning to the daily indicators, RSI study is consolidating slightly above 30 level, and the oscillator underneath is remaining indicating a bullish crossover.
Today’s economic calendar is relatively empty either side and tomorrow.
The interesting fact is the RSI has been making a higher low pattern and the oscillator is making a base. Based on these we expect the price is likely to hold the 1.1300 levels for today and tomorrow.
For IMM positioning please read in our blog http://www.keytomarkets.com/blog/blog/ktm-fx-daily-eurusd-park-the-brakes-again-at-1-1300-so-far/
While holding 1.1300 (daily closing basis), we could expect a corrective rally to 1.1360 and 1.1400 initially, followed by 1.1450 and 1.1500. We remain to hold on to our recent long EURSUD trade and we still believe the downside risk surrounding the 200MA(weekly) can still be gauged as neutral.
Turning to the daily indicators, RSI study is consolidating slightly above 30 level, and the oscillator underneath is remaining indicating a bullish crossover.
Today’s economic calendar is relatively empty either side and tomorrow.
The interesting fact is the RSI has been making a higher low pattern and the oscillator is making a base. Based on these we expect the price is likely to hold the 1.1300 levels for today and tomorrow.
For IMM positioning please read in our blog http://www.keytomarkets.com/blog/blog/ktm-fx-daily-eurusd-park-the-brakes-again-at-1-1300-so-far/