EURUSD trading between support and resistance
The EURUSD is trading between support and resistance for the NY session. The 1.3436 level was a floor from last Thursday’s trade. Not far below that is the lows from last week at the 1.3421 and 1.3428 respectively. On the topside, the resistance comes in against the underside of what was trendline support last week. That support level was broken earlier today. The underside of that trendline comes in now at the 1.3484 level. Also the midpoint of the days range is near that level at the 1.3483 level. The high for the NY session reached 1.3481. So it seems intraday traders seem content to play the range against the defined risk levels from the technicals. A break of either extreme should see further momentum in the direction of the break.
Targets on the topside include the 200 bar MA on the 5 miniute chart at the 1.3491 level currently and the 100 hour MA at the 1.3497 level. A break above the 1.3497 level opens the door for further upside momentum.
On the downside the 1.3361 level is the next key target on a break of last weeks lows. That level corresponds with the bottom channel trendline on the daily chart below and the low from September 26th (see chart below).
At work today from a fundamental perspective is Washington, Greece/Italy and a sharply lower US stock market at -256 Dow points. Gold is also down $24 today.
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There was one clear sell signal in aisa yesterday in 5 min chart 100 ma level.
As per my chart the exit could be 3440. Since then from the biginning of US session it is a CRAP.