Need to close below 1.1300 to open next leg further lower
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 and event risk.
EURUSD should lead to the downside with a move below 1.1300 (weekly closing) to its last leg towards 1.1200/1.1170 and 1.1100. Whereas, the risk surrounding the 200MA(weekly) can still be gauged as neutral.
The flip side, resistances located at 1.1425 and 1.1460. A move above the last hurdle would point to a new acceleration of the uptrend towards 1.1500 and 1.1550 initially.
The daily indicators are still very upbeat on top of it the price action traced out a double bottom at 1.1300.
EURUSD should lead to the downside with a move below 1.1300 (weekly closing) to its last leg towards 1.1200/1.1170 and 1.1100. Whereas, the risk surrounding the 200MA(weekly) can still be gauged as neutral.
The flip side, resistances located at 1.1425 and 1.1460. A move above the last hurdle would point to a new acceleration of the uptrend towards 1.1500 and 1.1550 initially.
The daily indicators are still very upbeat on top of it the price action traced out a double bottom at 1.1300.