EURUSD
Nothing concrete came out of the Eurogroup meeting yesterday which did not surprise many.
Order book is getting thin again with notable limit orders at 1.2620/30 and 1.2800/10. Stop loss orders were heard building up since yesterday at 1.2680/85.
Technically, E$'s inability to push higher and the consolidative price action has turned intraday momentum back down again. Though intraday indicator is nearing o/s levels but there is scope for some more downside.
Expected range for today: 1.2640/50 to 1.2720/30 with risk to 1.2745.
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| E$ Weekly chart - Caught in between 21 (red) and 50 (green) WMAs |
Expect further consolidation within 79.30 to 79.60/70. But USDJPY needs to re-capture and stay back above the 21 (red) and 200 (blue) DMAs to turn the picture bullish. Firm momentum, coupled with bullish divergence is supporting this currency pair but it would need to act fast before the upward momentum fizzles off. For today, I still prefer to buy the dip with risk to 79.00.
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| USDJPY Daily chart - Still staying below MAs |
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