Slobodan Drvenica
Windsor Brokers
EURUSD ticked higher from three-week low (1.1056) in the US session on Tuesday but remains firmly in red after being deflated by risk aversion on deteriorating geopolitical situation and EU September CPI below target, fueling expectations for another ECB rate cut.
Bears faced headwinds after US data weakened dollar when the price approached strong technical support at 1.1032 (top of rising daily cloud).
A number of key US economic data, due this week, is expected to provide fresh direction signals, along with persisting geopolitical factor, though the pair has established in fresh downward trajectory and pressure key supports at 1.1032/00 (cloud top / psychological / Fibo 38.2% of 1.0666/1.1214 rally/ short-term range floor).
Res: 1.1107; 1.1140; 1.1181; 1.1200
Sup: 1.1032; 1.1000; 1.0940; 1.0924
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.
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