EURUSD 1.1236 – neutral – Bounces off triangle support
EURUSD is consolidating within a 5-week triangle range. The pair bounced off the 1.1104 support (September 23, 2015 low) through 1.1185 (200 day moving average)
to probe the 20 day moving average currently at 1.1233 which has been capping the last 5 days’ trading. Below 1.1104 would weaken towards 1.1016 (August 18, 2015 low) near the 6-month rising channel support.
However, a decisive break above the 1.1233 area would suggest there is scope for further momentum towards 1.1295 (September 24, 2015 range high) then 1.1323 (61.8% of the 1.1459/1.1104 fall) near term.
Outlook:
Intraday: neutral
Daily: neutral
Weekly: neutral
EURUSD is consolidating within a 5-week triangle range. The pair bounced off the 1.1104 support (September 23, 2015 low) through 1.1185 (200 day moving average)
to probe the 20 day moving average currently at 1.1233 which has been capping the last 5 days’ trading. Below 1.1104 would weaken towards 1.1016 (August 18, 2015 low) near the 6-month rising channel support.
However, a decisive break above the 1.1233 area would suggest there is scope for further momentum towards 1.1295 (September 24, 2015 range high) then 1.1323 (61.8% of the 1.1459/1.1104 fall) near term.
Outlook:
Intraday: neutral
Daily: neutral
Weekly: neutral
