Euro managed to pick up Friday after spending the past week on a steady decline. The move strangely comes as US Durable Goods came in stronger than consensus and a dearth of Eurozone data. Ahead is another quiet day for Eurozone economic data though we look at CB Consumer Confidence in the US as a potential mover to test either sides of the range.
Resistance
- 1.09812 – March High
- 1.09426 – March 21 High
- 1.08951 – Daily Consolidation High
Support
- 1.08407 – Intraday Consolidation Low
- 1.08084 – 20D Moving Average
- 1.07751 – 50D Moving Average
EURUSD saw a tight range Monday though ending in positive territory following through on Friday;s bounce for a three inside up pattern. Intraday we now have a flag pattern combining the consolidation with the move up at the end of last week. Indicator wise we also have bullish stochastic in different time frames to complement our price patterns. As such bias for us will be to look for an excuse to buy. A close above Monday’s high of 1.0867 may be seen as an entry for a test of 1.08951 the current swing high from the bearish trend line breakout. A break of 1.08407 may also be seen as a bearish entry though preferably with a fresh catalyst.
