EURUSD bears appear to be losing momentum absent any fresh catalyst for pushing their agenda. With Tuesday’s high wave spinning top risks going forward is for prices to consolidate until the next big news to rock market sentiment. Calendar wise there is little to potentially move the market though geopolitics remains something to be alert on whether in the Ukraine conflict or between Israel and Iran.
Resistance
- 1.06948 – Strong: Swing Low From Feb 14 (breakout point)
- 1.06663 – Minor: intraday consolidation highs
- 1.06456 – Minor: intraday consolidation highs
Support
- 1.06012 – Minor: Tuesday low
- 1.05546 – Minor: intraday consolidation
- 1.05168 – Moderate: Range Floor October 2023
With the high wave spinning top suggesting lost of momentum and daily oscillators signaling an oversold EURUSD we are now looking for the pair to consolidate and suggest playing the range game. Consider buys from the 1.0612 region though a daily close below it opens up 1.05168. Any approach of 1.0694 provides potential entry for shorts. Consider building small short positions from 1.06456 up to the breakout point, 1.06948 with tight stops above the said price.
