Daily Technical Analysis by FxGrow

[FxGrow Support]

FxGrow Daily Technical Analysis – 15th Nov 2017
By FxGrow Research & Analysis Team

EURO Bulls Takes Over Dollar Bears, Eyes On CPI

EUR/USD bulls were highly occupied yesterday with 143-pips price action and 1.1805 high. Today, the pair extended the upward destination and clocked 1.1852 high, currently trading 1.1836 intraday.

Apparently, comments yesterday by Fed's Bullard indicating that current interest rate level likely to remain appropriate over near-term weighted negatively on the DXY, losing $1.10 value since yesterday which broke daily rising trend line and closed below it.

Market is currently in action, but suspense will increase shortly as U.S releases multi inflation figures with CPI and Core CPI in focus. Today's data is vital and it will re-shape the odds of potential Dec. Fed hike.

EUR/USD Technical Overview:

Closing price: 1.1797

Target price: 1.1934

Resistance levels: 1.1880, 1.1934*

Support levels: 1.1781 , 1.1731

Trend: Up

Comment Yesterday's surge higher triggers a short term bottoming upturn and projects a drive to 1.1934*. Trade is poised for continuation rallies today. Any corrections that hang in the upper half of yesterday's upturn should bull flag. Only a close under 1.1731* stops the upswing anf warns for corrective congestion along 1.1700+/-.


For more in depth Research & Analysis please visit FxGrow.

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

 

[FxGrow Support]

FxGrow Daily Technical Analysis – 16th Nov 2017
By FxGrow Research & Analysis Team

GBP/USD Intraday: under pressure.

Pivot: 1.3185
Our preference: short positions below 1.3185 with targets at 1.3130 & 1.3110 in extension.
Alternative scenario: above 1.3185 look for further upside with 1.3215 & 1.3250 as targets.
Comment: the RSI shows downside momentum.
Supports and resistances:
1.3250
1.3215
1.3185
1.3152 Last
1.3130
1.3110
1.3080

USD/JPY Intraday: continuation of the rebound.

Pivot: 112.70
Our preference: long positions above 112.70 with targets at 113.50 & 113.75 in extension.
Alternative scenario: below 112.70 look for further downside with 112.45 & 112.15 as targets.
Comment: the RSI shows upside momentum.
Supports and resistances:
113.90 ***
113.75 ***
113.50 ***
113.07 Last
112.70 **
112.45 **
112.15 ***

EUR/USD Intraday: consolidation.

Pivot: 1.1805
Our preference: short positions below 1.1805 with targets at 1.1760 & 1.1725 in extension.
Alternative scenario: above 1.1805 look for further upside with 1.1830 & 1.1860 as targets.
Comment: a break below 1.1760 would trigger a drop towards 1.1725.
Supports and resistances:
1.1860
1.1830
1.1805
1.1775 Last
1.1760
1.1725
1.1700

AUD/USD Intraday: under pressure.

Pivot: 0.7610
Our preference: short positions below 0.7610 with targets at 0.7570 & 0.7550 in extension.
Alternative scenario: above 0.7610 look for further upside with 0.7630 & 0.7650 as targets.
Comment: the upward potential is likely to be limited by the resistance at 0.7610.
Supports and resistances:
0.7650 ***
0.7630 *
0.7610 ***
0.7590 Last
0.7570 ***
0.7550 *
0.7525 **

Gold spot Intraday: key resistance at 1280.00.

Pivot: 1280.00
Our preference: short positions below 1280.00 with targets at 1274.00 & 1271.00 in extension.
Alternative scenario: above 1280.00 look for further upside with 1283.00 & 1286.50 as targets.
Comment: the RSI lacks upward momentum.
Supports and resistances:
1286.50
1283.00
1280.00
1276.70 Last
1274.00
1271.00
1266.00

Crude Oil‏ (WTI)‏ (Z7) Intraday: turning up.

Pivot: 55.15
Our preference: long positions above 55.15 with targets at 55.80 & 56.05 in extension.
Alternative scenario: below 55.15 look for further downside with 54.80 & 54.40 as targets.
Comment: the RSI is bullish and calls for further advance.
Supports and resistances:
56.30
56.05
55.80
55.42 Last
55.15
54.80
54.40

For more in depth Research & Analysis please visit FxGrow.

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

 

[FxGrow Support]

FxGrow Daily Technical Analysis – 17th Nov 2017
By FxGrow Research & Analysis Team

GBP/USD Intraday: further advance.

Pivot: 1.3175
Our preference: long positions above 1.3175 with targets at 1.3275 & 1.3300 in extension.
Alternative scenario: below 1.3175 look for further downside with 1.3135 & 1.3110 as targets.
Comment: the RSI shows upside momentum.
Supports and resistances:
1.3320
1.3300
1.3275
1.3230 Last
1.3175
1.3135
1.3110

USD/JPY Intraday: under pressure.

Pivot: 113.00
Our preference: short positions below 113.00 with targets at 112.15 & 111.90 in extension.
Alternative scenario: above 113.00 look for further upside with 113.30 & 113.55 as targets.
Comment: technically the RSI is below its neutrality area at 50.
Supports and resistances:
113.55 ***
113.30 ***
113.00 ***
112.60 Last
112.15 **
111.90 ***
111.60 **

EUR/USD Intraday: the upside prevails.

Pivot: 1.1760
Our preference: long positions above 1.1760 with targets at 1.1830 & 1.1860 in extension.
Alternative scenario: below 1.1760 look for further downside with 1.1725 & 1.1700 as targets.
Comment: the RSI lacks downward momentum.
Supports and resistances:
1.1880
1.1860
1.1830
1.1796 Last
1.1760
1.1725
1.1700

AUD/USD Intraday: under pressure.

Pivot: 0.7605
Our preference: short positions below 0.7605 with targets at 0.7525 & 0.7490 in extension.
Alternative scenario: above 0.7605 look for further upside with 0.7630 & 0.7650 as targets.
Comment: the RSI shows downside momentum.
Supports and resistances:
0.7650 ***
0.7630 *
0.7605 ***
0.7560 Last
0.7525 ***
0.7490 **
0.7470 ***

Gold spot Intraday: the upside prevails.

Pivot: 1277.00
Our preference: long positions above 1277.00 with targets at 1286.50 & 1289.50 in extension.
Alternative scenario: below 1277.00 look for further downside with 1273.00 & 1270.00 as targets.
Comment: the RSI is bullish and calls for further advance.
Supports and resistances:
1293.00
1289.50
1286.50
1282.20 Last
1277.00
1273.00
1270.00

Crude Oil‏ (WTI)‏ (Z7) Intraday: caution.

Pivot: 55.48
Our preference: short positions below 55.48 with targets at 55.00 & 54.80 in extension.
Alternative scenario: above 55.48 look for further upside with 55.80 & 56.05 as targets.
Comment: the RSI is mixed and calls for caution.
Supports and resistances:
56.05
55.80
55.48
55.37 Last
55.00
54.80
54.40


For more in depth Research & Analysis please visit FxGrow.

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

 

[FxGrow Support]

FxGrow Daily Technical Analysis – 21st Nov, 2017
By FxGrow Research & Analysis Team

GBP/USD Intraday: the bias remains bullish.

Pivot: 1.3220
Our preference: long positions above 1.3220 with targets at 1.3280 & 1.3300 in extension.
Alternative scenario: below 1.3220 look for further downside with 1.3200 & 1.3180 as targets.
Comment: the RSI advocates for further upside.
Supports and resistances:
1.3320
1.3300
1.3280
1.3250 Last
1.3220
1.3200
1.3180

USD/JPY Intraday: the bias remains bullish.

Pivot: 112.20
Our preference: long positions above 112.20 with targets at 112.75 & 113.00 in extension.
Alternative scenario: below 112.20 look for further downside with 111.90 & 111.60 as targets.
Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
Supports and resistances:
113.35 ***
113.00 ***
112.75 ***
112.45 Last
112.20 **
111.90 ***
111.60 **

EUR/USD Intraday: consolidation.

Pivot: 1.1770
Our preference: short positions below 1.1770 with targets at 1.1720 & 1.1685 in extension.
Alternative scenario: above 1.1770 look for further upside with 1.1810 & 1.1850 as targets.
Comment: the RSI lacks upward momentum.
Supports and resistances:
1.1850
1.1810
1.1770
1.1745 Last
1.1720
1.1685
1.1650

AUD/USD Intraday: the downside prevails.

Pivot: 0.7570
Our preference: short positions below 0.7570 with targets at 0.7510 & 0.7490 in extension.
Alternative scenario: above 0.7570 look for further upside with 0.7590 & 0.7610 as targets.
Comment: the RSI is mixed to bearish.
Supports and resistances:
0.7610 ***
0.7590 **
0.7570 ***
0.7535 Last
0.7510 ***
0.7490 **
0.7465 ***

Crude Oil? (WTI)? (F8) Intraday: rebound expected.

Pivot: 56.25
Our preference: long positions above 56.25 with targets at 56.65 & 56.95 in extension.
Alternative scenario: below 56.25 look for further downside with 55.95 & 55.75 as targets.
Comment: the RSI is mixed with a bullish bias.
Supports and resistances:
57.20
56.95
56.65
56.45 Last
56.25
55.95
55.75

Gold spot Intraday: key resistance at 1285.00.

Pivot: 1285.00
Our preference: short positions below 1285.00 with targets at 1274.00 & 1271.50 in extension.
Alternative scenario: above 1285.00 look for further upside with 1290.00 & 1293.50 as targets.
Comment: the upward potential is likely to be limited by the resistance at 1285.00.
Supports and resistances:
1293.50
1290.00
1285.00
1280.70 Last
1274.00
1271.50
1266.00

For more in depth Research & Analysis please visit FxGrow.https://goo.gl/J7xaCH

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

 

[FxGrow Support]

FxGrow Daily Technical Analysis – 22nd Nov, 2017
By FxGrow Research & Analysis Team

GBP/USD Intraday: supported by a rising trend line.

Pivot: 1.3220
Our preference: long positions above 1.3220 with targets at 1.3280 & 1.3300 in extension.
Alternative scenario: below 1.3220 look for further downside with 1.3200 & 1.3180 as targets.
Comment: the RSI is mixed to bullish.
Supports and resistances:
1.3320
1.3300
1.3280
1.3250 Last
1.3220
1.3200
1.3180

USD/JPY Intraday: under pressure.

Pivot: 112.50
Our preference: short positions below 112.50 with targets at 111.95 & 111.70 in extension.
Alternative scenario: above 112.50 look for further upside with 112.70 & 113.00 as targets.
Comment: the RSI shows downside momentum.
Supports and resistances:
113.00 ***
112.70 ***
112.50 ***
112.20 Last
111.95 ***
111.70 ***
111.35 ***

EUR/USD Intraday: continuation of the rebound.

Pivot: 1.1730
Our preference: long positions above 1.1730 with targets at 1.1775 & 1.1810 in extension.
Alternative scenario: below 1.1730 look for further downside with 1.1710 & 1.1685 as targets.
Comment: the RSI shows upside momentum.
Supports and resistances:
1.1850
1.1810
1.1775
1.1765 Last
1.1730
1.1710
1.1685

AUD/USD Intraday: bullish bias above 0.7555.

Pivot: 0.7555
Our preference: long positions above 0.7555 with targets at 0.7590 & 0.7610 in extension.
Alternative scenario: below 0.7555 look for further downside with 0.7530 & 0.7510 as targets.
Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
Supports and resistances:
0.7635 ***
0.7610 ***
0.7590 ***
0.7575 Last
0.7555 ***
0.7530 ***
0.7510 **

Crude Oil‏ (WTI)‏ (F8) Intraday: further advance.

Pivot: 57.20
Our preference: long positions above 57.20 with targets at 58.15 & 58.60 in extension.
Alternative scenario: below 57.20 look for further downside with 56.85 & 56.55 as targets.
Comment: the RSI advocates for further upside.
Supports and resistances:
59.00
58.60
58.15
57.86 Last
57.20
56.85
56.55

Gold spot Intraday: continuation of the rebound.

Pivot: 1276.00
Our preference: long positions above 1276.00 with targets at 1290.00 & 1293.50 in extension.
Alternative scenario: below 1276.00 look for further downside with 1271.50 & 1266.00 as targets.
Comment: the RSI is supported by a bullish trend line.
Supports and resistances:
1297.00
1293.50
1290.00
1283.80 Last
1276.00
1271.50
1266.00

For more in depth Research & Analysis please visit FxGrow.

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

 

[FxGrow Support]

FxGrow Daily Technical Analysis – 23rd Nov, 2017
By FxGrow Research & Analysis Team

GBP/USD Intraday: further advance.

Pivot: 1.3280
Our preference: long positions above 1.3280 with targets at 1.3345 & 1.3375 in extension.
Alternative scenario: below 1.3280 look for further downside with 1.3255 & 1.3220 as targets.
Comment: the RSI shows upside momentum.
Supports and resistances:
1.3405
1.3375
1.3345
1.3310 Last
1.3280
1.3255
1.3220

USD/JPY Intraday: the downside prevails.

Pivot: 111.95
Our preference: short positions below 111.95 with targets at 111.00 & 110.65 in extension.
Alternative scenario: above 111.95 look for further upside with 112.40 & 112.70 as targets.
Comment: even though a continuation of the technical rebound cannot be ruled out, its extent should be limited.
Supports and resistances:
112.70
112.40
111.95
111.50 Last
111.00
110.65
110.25

EUR/USD Intraday: the bias remains bullish.

Pivot: 1.1785
Our preference: long positions above 1.1785 with targets at 1.1850 & 1.1880 in extension.
Alternative scenario: below 1.1785 look for further downside with 1.1755 & 1.1735 as targets.
Comment: the RSI is mixed to bullish.
Supports and resistances:
1.1910
1.1880
1.1850
1.1820 Last
1.1785
1.1755
1.1735

AUD/USD Intraday: the upside prevails.

Pivot: 0.7590
Our preference: long positions above 0.7590 with targets at 0.7625 & 0.7650 in extension.
Alternative scenario: below 0.7590 look for further downside with 0.7560 & 0.7530 as targets.
Comment: the RSI shows upside momentum.
Supports and resistances:
0.7675 ***
0.7650 ***
0.7625 ***
0.7610 Last
0.7590 ***
0.7560 ***
0.7530 ***

Crude Oil‏ (WTI)‏ (F8) Intraday: supported by a rising trend line.

Pivot: 57.50
Our preference: long positions above 57.50 with targets at 58.20 & 58.60 in extension.
Alternative scenario: below 57.50 look for further downside with 57.15 & 56.85 as targets.
Comment: the RSI lacks downward momentum.
Supports and resistances:
59.00
58.60
58.20
57.90 Last
57.50
57.15
56.85

Gold spot Intraday: bullish bias above 1284.00.

Pivot: 1284.00
Our preference: long positions above 1284.00 with targets at 1297.00 & 1300.00 in extension.
Alternative scenario: below 1284.00 look for further downside with 1279.00 & 1276.00 as targets.
Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
Supports and resistances:
1303.50
1300.00
1297.00
1289.27 Last
1284.00
1279.00
1276.00

For more in depth Research & Analysis please visit FxGrow.

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

 

[FxGrow Support]

FxGrow Daily Technical Analysis – 24th Nov, 2017
By FxGrow Research & Analysis Team

GBP/USD Intraday: intraday support around 1.3280.

Pivot: 1.3280
Our preference: long positions above 1.3280 with targets at 1.3315 & 1.3335 in extension.
Alternative scenario: below 1.3280 look for further downside with 1.3255 & 1.3220 as targets.
Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
Supports and resistances:
1.3375
1.3335
1.3315
1.3300 Last
1.3280
1.3255
1.3220

USD/JPY Intraday: under pressure.

Pivot: 111.65
Our preference: short positions below 111.65 with targets at 111.05 & 110.65 in extension.
Alternative scenario: above 111.65 look for further upside with 111.95 & 112.40 as targets.
Comment: the upward potential is likely to be limited by the resistance at 111.65.
Supports and resistances:
112.40
111.95
111.65
111.35 Last
111.05
110.65
110.25

EUR/USD Intraday: intraday support around 1.1825.

Pivot: 1.1825
Our preference: long positions above 1.1825 with targets at 1.1860 & 1.1880 in extension.
Alternative scenario: below 1.1825 look for further downside with 1.1800 & 1.1770 as targets.
Comment: technically the RSI is above its neutrality area at 50.
Supports and resistances:
1.1910
1.1880
1.1860
1.1846 Last
1.1825
1.1800
1.1770

AUD/USD Intraday: intraday support around 0.7600.

Pivot: 0.7600
Our preference: long positions above 0.7600 with targets at 0.7640 & 0.7660 in extension.
Alternative scenario: below 0.7600 look for further downside with 0.7575 & 0.7555 as targets.
Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
Supports and resistances:
0.7680 ***
0.7660 **
0.7640 ***
0.7625 Last
0.7600 ***
0.7575 **
0.7555 ***

Crude Oil‏ (WTI)‏ (F8) Intraday: further upside.

Pivot: 58.15
Our preference: long positions above 58.15 with targets at 59.00 & 59.40 in extension.
Alternative scenario: below 58.15 look for further downside with 57.80 & 57.30 as targets.
Comment: the RSI advocates for further advance.
Supports and resistances:
60.00
59.40
59.00
58.61 Last
58.15
57.80
57.30

Gold spot Intraday: bullish bias above 1286.00.

Pivot: 1286.00
Our preference: long positions above 1286.00 with targets at 1297.00 & 1300.00 in extension.
Alternative scenario: below 1286.00 look for further downside with 1279.00 & 1276.00 as targets.
Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
Supports and resistances:
1303.50
1300.00
1297.00
1291.00 Last
1286.00
1279.00
1276.00

For more in depth Research & Analysis please visit FxGrow.

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

 

[FxGrow Support]

FxGrow Daily Technical Analysis – 27th Nov, 2017
By FxGrow Research & Analysis Team

GBP/USD Intraday: continuation of the rebound.

Pivot: 1.3305
Our preference: long positions above 1.3305 with targets at 1.3360 & 1.3375 in extension.
Alternative scenario: below 1.3305 look for further downside with 1.3280 & 1.3255 as targets.
Comment: the RSI shows upside momentum.
Supports and resistances:
1.3390
1.3375
1.3360
1.3330 Last
1.3305
1.3280
1.3255

USD/JPY Intraday: consolidation.

Pivot: 111.70
Our preference: short positions below 111.70 with targets at 111.05 & 110.80 in extension.
Alternative scenario: above 111.70 look for further upside with 111.95 & 112.15 as targets.
Comment: the RSI shows downside momentum.
Supports and resistances:
112.15
111.95
111.70
111.40 Last
111.05
110.80
110.65

EUR/USD Intraday: the bias remains bullish.

Pivot: 1.1895
Our preference: long positions above 1.1895 with targets at 1.1960 & 1.1990 in extension.
Alternative scenario: below 1.1895 look for further downside with 1.1855 & 1.1825 as targets.
Comment: the RSI is mixed to bullish.
Supports and resistances:
1.2020
1.1990
1.1960
1.1931 Last
1.1895
1.1855
1.1825

AUD/USD Intraday: continuation of the rebound.

Pivot: 0.7605
Our preference: long positions above 0.7605 with targets at 0.7640 & 0.7660 in extension.
Alternative scenario: below 0.7605 look for further downside with 0.7590 & 0.7575 as targets.
Comment: the RSI shows upside momentum.
Supports and resistances:
0.7675 **
0.7660 **
0.7640 ***
0.7630 Last
0.7605 ***
0.7590 ***
0.7575 **

Gold spot Intraday: rebound.

Pivot: 1289.00
Our preference: long positions above 1289.00 with targets at 1297.00 & 1300.00 in extension.
Alternative scenario: below 1289.00 look for further downside with 1286.00 & 1283.00 as targets.
Comment: the RSI shows upside momentum.
Supports and resistances:
1304.00
1300.00
1297.00
1292.00 Last
1289.00
1286.00
1283.00

Crude Oil‏ (WTI)‏ (F8) Intraday: the upside prevails.

Pivot: 58.15
Our preference: long positions above 58.15 with targets at 59.40 & 60.00 in extension.
Alternative scenario: below 58.15 look for further downside with 57.80 & 57.30 as targets.
Comment: the RSI calls for a new upleg. The prices remain supported by a rising trend line, which should call for a new rise. A strong support at 58.15 should also limit any downward attempts.
Supports and resistances:
60.45
60.00
59.40
58.71 Last
58.15
57.80
57.30

For more in depth Research & Analysis please visit FxGrow.

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

 

[FxGrow Support]

FxGrow Daily Technical Analysis – 06th Dec, 2017
By FxGrow Research & Analysis Team

Gold Breaks The Pennant After Long Consolidation Sessions

After sixty consolidation session where gold was fluctuating between 70s and 90s levels, gold has finally broke the pennant that has been confined inside with sideways range and congestion. The precious metal gaped downward on Monday, then peeked to 1277 yesterday, but failed to press forward and dipped to 1261 low.

Fundamentally, the U.S tax plan approval during the weekend boosted the U.S Dollar and last week's upbeat U.S economic data has increased the odds of U.S Fed hike pushing the DXY to 93.45 high today. On the other hand, failure between UK and Eurozone is still weakening the British pound and EURO, giving more strength to the greenback against XAUUSD.

Gold Technical Overview

Closing price: 1265.85

Target price: 1251

Trend: Sideways / Down

Trend reversal price: 1286

Resistance levels: 1271, 1276

Support levels: 1258, 1251

Comment The market extended the short term flagging downturn and suggests further selling to 1251. Minor corrections should stay in the 1270's to maintain bear trend forces. A push over 128050 stops pressing bear forces, but only a close over 1286.00* highlights a lasting turn to higher prices.

For more in depth Research & Analysis please visit FxGrow.

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

 

[FxGrow Support]

FxGrow Daily Technical Analysis – 07th Dec, 2017
By FxGrow Research & Analysis Team

EUR/USD: Downside Action More Likable Ahead of Draghi Speech

EUR/USD has entered the fourth cosolodation session with choppy sideways trading. The pair has failed to stay above 1.1800 (10-EMA) level since Monday and still flirting with 1.1780 support level.

The pair lost traction after reports indicating rough negotiations with the UK and Brexit deal, weighing negatively on the EURO. On the other hand, last weak upbeat U.S data and approval for tax plan is still boosting the U.S dollar with expectations for more upward action as the Dec. rates odds are on the U.S Fed's menu.

Draghi, head of ECB will cross wires today but expectations are high for a neutral stance, no game changer for the EURO currency.

EUR/USD technical overview

Closing price: 1.1797

Target price: 1.1760

Resistance levels: 1.1840+, 1.1870, 1.1900*

Support levels: 1.1760-50, 1.1700-

Trend: Sideways / Down

Trend reversal price: 1.1900

Comment The choppy slide this week is shifting the short term trend bias down and warns for a larger unfolding selling wave to 1.1760-/1.1700. Trade is poised for selling pressures today. A reluctance to extend / stay under 1.1800- cautions for a bounce into congestion near 11840. However, a close over 1.19000* is needed to highlight a reversing upturn form corrections to launch a fresh bull wave near 1.2000+.

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