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MNI DAILY TECHNICAL ANALYSIS - EUR Cements S/T Res Level

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Price Signal Summary – EUR Price Action Cements S/T Res Level

  • The S&P E-Minis contract maintains a bullish tone and has again traded to a fresh cycle high, today. This confirms a resumption of the uptrend and signals scope for a continuation near-term. Eurostoxx 50 futures have traded higher this week and the contract is holding on to its recent gains. The latest move higher undermines a recent bearish theme. Price has traded through the 50-day EMA, at 4862.20.
  • Key short-term resistance in EURUSD to watch is 1.0590, the 20-day EMA. It remains intact and Monday’s move lower reinforces the short-term importance of this resistance. A clear break of it is required to signal potential for a stronger recovery. EURGBP is trading below its recent highs. Attention is on a bullish engulfing candle pattern on Nov 12, that highlights a possible short-term reversal.  0.8260, the Nov 11 low, marks a key short-term support. The 20- and 50 day EMAs have been pierced. The trend condition in AUDUSD remains bearish and today’s fresh cycle low reinforces current conditions, marking a resumption of the downtrend. Note that moving average studies are in a bear-mode position too, highlighting a dominant downtrend.
  • Despite Tuesday’s gains, a bearish threat in WTI futures remains present and the Nov 25 move lower reinforces this theme. A resumption of bearish price action would open $65.74, the Oct 1 low, and $63.90, the Sep 10 low and key support.Gold is unchanged and is trading inside a tight range, for now. The long-term trend condition remains bullish and the Oct 31 - Nov 14 bear leg appears to have been a correction. Moving average studies are in a bull-mode position, highlighting a dominant uptrend.
  • Bund futures maintain a firmer tone and the contract is holding on to the bulk of its recent gains. Price has traded through 134.87, the 76.4% retracement of the Oct 1 - Nov 6 bear leg. A bullish corrective cycle in Gilt futures remains in play and recent gains reinforces current short-term conditions. Sights are on 96.67 next,  a Fibonacci projection point.

FOREIGN EXCHANGE    

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Price Signal Summary – EUR Price Action Cements S/T Res Level

  • The S&P E-Minis contract maintains a bullish tone and has again traded to a fresh cycle high, today. This confirms a resumption of the uptrend and signals scope for a continuation near-term. Eurostoxx 50 futures have traded higher this week and the contract is holding on to its recent gains. The latest move higher undermines a recent bearish theme. Price has traded through the 50-day EMA, at 4862.20.
  • Key short-term resistance in EURUSD to watch is 1.0590, the 20-day EMA. It remains intact and Monday’s move lower reinforces the short-term importance of this resistance. A clear break of it is required to signal potential for a stronger recovery. EURGBP is trading below its recent highs. Attention is on a bullish engulfing candle pattern on Nov 12, that highlights a possible short-term reversal.  0.8260, the Nov 11 low, marks a key short-term support. The 20- and 50 day EMAs have been pierced. The trend condition in AUDUSD remains bearish and today’s fresh cycle low reinforces current conditions, marking a resumption of the downtrend. Note that moving average studies are in a bear-mode position too, highlighting a dominant downtrend.
  • Despite Tuesday’s gains, a bearish threat in WTI futures remains present and the Nov 25 move lower reinforces this theme. A resumption of bearish price action would open $65.74, the Oct 1 low, and $63.90, the Sep 10 low and key support.Gold is unchanged and is trading inside a tight range, for now. The long-term trend condition remains bullish and the Oct 31 - Nov 14 bear leg appears to have been a correction. Moving average studies are in a bull-mode position, highlighting a dominant uptrend.
  • Bund futures maintain a firmer tone and the contract is holding on to the bulk of its recent gains. Price has traded through 134.87, the 76.4% retracement of the Oct 1 - Nov 6 bear leg. A bullish corrective cycle in Gilt futures remains in play and recent gains reinforces current short-term conditions. Sights are on 96.67 next,  a Fibonacci projection point.

FOREIGN EXCHANGE    

Keep reading...Show less