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EUR/USD pair broke below the key support at 1.1930, which becomes the key resistance now. The downward momentum is further reinforced by both declining 20- and 50-period moving averages.
The RSI is bearish and calls for another drop. To sum up, below 1.1930, look for a new test to 1.1870 and even to 1.1830 in extension. Alternatively, above 1.1930, expect a technical rebound with 1.1955 and 1.2010 as targets.
On the data slate there’s Switzerland SNB Sight Deposit Interest rate; Switzerland SNB 3-Month Libor Lower Target Range; UK BOE Rate Decision; UK BOE Asset Purchase Target; US Initial Jobless Claims; US Continuing Claims; US CPI and US Real Average Weekly Earnings.
BUY EUR/USD @ 1.1870 OR BETTER – STOP @ 1.1830 – TARGET @ 1.2010
BUY GBP/USD @ 1.3200 OR BETTER – STOP @ 1.3155 – TARGET @ 1.3315
SELL USD/JPY @ 110.30 OR BETTER – STOP @ 110.75 – TARGET @ 109.50
BUY CL1017 @ 49.00 OR BETTER – STOP @ 48.50 – TARGET @ 50.00
BUY AUD/USD @ 0.8000 OR BETTER – STOP @ 0.7950 – TARGET @ 0.8070
BUY XAU @ 1320 OR BETTER – STOP @ 1315 – TARGET @ 1333
BUY XAG @ 17.50 OR BETTER – STOP @ 17.00 – TARGET @ 18.30
THE ABOVE BRIEF IS MY PERSONAL OPINION AND DOES NOT CONSTITUTE ANY PROMISES OR GUARANTEES OF PROFITS. TRADING IN CURRENCIES AND COMMODITIES ARE HIGH RISKS. YOU SHOULD NOT TAKE ANY MATERIAL POSTED AS RECOMMENDATION.
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