Monday, July 17, 2017

DAILY OUTLOOK FOR EURUSD

INTRADAY CHART
BIAS:      While 1.1475-89 caps we should see losses resume

Resistance:    1.1475-89     1.1510     1.1532-40     1.1559

Support:         1.1450-60     1.1435     1.1405-10     1.1390

MAIN ANALYSIS:            Friday saw an expanded flat that should find a cap between 1.1475-89. From there we should see losses - initially limited to around 1.1450-60 but later to 1.1405-10. This could trigger a pullback higher. Once that is complete we should see losses continue below 1.1400 and 1.1370. Once that breaks we should see deeper losses.

COUNTER ANALYSIS:    If there are any direct break above 1.1490 would surprise. I'd rather be cautious at that point. Above has very few areas of resistance until 1.1582 - 1.1616…

Good trading
Ian Copsey

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