Forex technical analysis: EURUSD gives back Clinton email gains

Technical Analysis

Author: Greg Michalowski | usdcad

Held 100 bar MA on the 4-hour chart

The EURUSD got a late Friday boost on the back of the FBI Clinton email revelation.  A lot of that is still up in the air and perhaps that passing storm has led to a retracement of the Friday dollar's decline, in trading today.  



Technically, at the price highs, the pair stalled against the 100 bar MA on the 4-hour chart on Friday and again at the opening  in the Asian Pacific session today. When that could not be breached, the rotation lower began. 

We are currently trading near the day's wwilllow and also near high levels from last week before the late day spike. Those levels come in at 1.0942 and 1.0946  him levels respectively.   The 38.2% of the move up from last weeks lows comes in at 1.0937.  That area is a support target and seems to be slowing down the fall.   Look for support buyers leaning with stops below the 1.0937 (PS a trend line is also in the area).

If the selllers keep control (that is there is a break),  keep an eye on the 1.0910-20 area. The 1.0920 is the 50% of the range last week. and the 1.0910 - well that was the swing low going back to June. We traded above and below that level in last week s trading but there was some interest in the level as a bullish above and bearish below line at times.  Be aware of patient support buyers in that area today - if the support against the 1.0937 can be broken. 


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