EURUSD upside threat to key 1.1092/93

Intermediate
  • 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

4 hour eurusd chart

Editor in chief

Steve Miley has 29 years of financial market experience and as a seasoned expert now has many responsibilities. He is the founder, Director and Primary Analyst at The Market Chartist, the Editor-in...continued

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