September Eurocurrency in an Uptrend?

August 17, 2016 9:49AM CDT

The September Eurocurrency is technically in a short term uptrend.  First level resistance comes in at 1.1350.   The next expected pivot points are between 1.1390 and 1.1420.   Close in support is seen at 1.1250 to 1.1245.   A close below the 1.1200 to 1.1170 area should negate the current trend.  Momentum studies: RSI, MACD, and Stochastics are all either in or approaching oversold territory.   Caution should be used if you are considering a bullish play.  

The release of FOMC minutes today might have a hawkish tilt, and may give a boost to the US Dollar.  This could put the Euro on the defensive and pull backs to the support levels already mentioned are a possibility.   The Euro’s recent strength could be more a function of weakness in the Dollar than any fundamental I can see.  Moving to the side lines, or conservative bearish exposure may be the way to look at this market near term.    

Euro Index Daily

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