HomeContributorsTechnical AnalysisTechnical Outlook: EURUSD – N/T Action Remains Between Daily Kijun-Sen / Tenkan-Sen...

Technical Outlook: EURUSD – N/T Action Remains Between Daily Kijun-Sen / Tenkan-Sen Boundaries

The Euro ticked higher on Monday after inflation in the Eurozone hit the highest in four month.

Annualized CPI came at 1.5% in Aug, meeting the forecast while m/m release came at 0.3%, along with forecast but well above previous month’s -0.5% release.

The pair remains entrenched between daily Kijun-sen (1.1877) and daily Tenkan-sen line (1.1964) which was dented on Friday but without clear break higher.

Today’s price action is so far holding between 20SMA (1.1914) and 10SMA (1.1949), looking for initial signal on break of either boundary.

However, break of either wider range boundaries (Tenkan-sen / Kijun-sen) would provide clearer direction signals.

Studies on daily chart remain bullishly aligned but reversal signal is generating on weekly chart as overbought RSI is turning.

Violation of daily Kijun-sen (1.1877) and rising weekly 10SMA (1.1850) would be seen as firmer signal of deeper correction.

Alternatively, lift above daily Tenkan-sen (1.1964) and psychological 1.2000 barrier would generate stronger bullish signal.

Res: 1.1949, 1.1964, 1.2000, 1.2029
Sup: 1.1914, 1.1877, 1.1850, 1.1837

Windsor Brokers Ltd
Windsor Brokers Ltdhttp://www.windsorbrokers.com/
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

Featured Analysis

Learn Forex Trading