- A shift to a risk off theme over the past 24-26 hours has seen a move to safe havens, with the Euro outpacing the US Dollar, pushing EURUSD higher.
- This risk off tone has been driven by mixed signals from the US-China trade talks and growing concerns as the US impeachment enquiry has entered the public domain, with growing threats to the President.
- EURUSD is now threatening to challenge key resistances in the 1.1092/93 area.
EURUSD: Day-trade prospects
A Wednesday setback to just prod at 1.1053/52 and quickly rebound from 1.1051, to sustain a positive consolidation since Monday’s firm advance built on Friday’s bounce from 1.0988, to keep risks back higher for Thursday.
- We see an upside bias to key 1.1092/93; break here aims for 1.1117 and 1.1140.
- But below 1.1053/51 quickly opens risk down to 1.1030, maybe towards 1.1013.
EURUSD: Intermediate-term outlook
A mid-November prod below 1.0989 saw an intermediate-term shift to neutral.
Range breakout parameters: Range seen as 1.0939 to 1.1093.
- Upside risks: Above 1.1093 sets an intermediate-term bull trend to aim for 1.1186, 1.1250 and 1.1322.
- Downside risks: Below 1.0939 sees an intermediate-term bear trend to target 1.0878 and 1.0570.
4 Hour EURUSD Chart
