EUR Pairs, Trading Levels: Week Nov 14

 

EUR/USD.  Two points are driving EUR and those two levels will drive EUR all week,  1.1073 and 1.1128.  Longs must clear both points. Failure to clear will see both lines continue to drop.  EUR/USD is oversold and shorts aren’t recommended. The top of the channel is 1.1016. Above 1.1016 then EUR/USD has a shot to challenge 1.1073.  Major points 1.1044, 1.1058 then 1.1065.

EUR/JPY.  Strong supports are located at 114.30 and 115.58. Above 115.58 challenges the uptrend line at 116.49. Break of 116.49 would see the uptrend gain speed.  How EUR/JPY travels higher is by breaks at 115.80, 116.03 and 116.26. Below at the 114.30 point is dangerous because the downtrend line must first clear below at 114.66. Look for 114.66 and 114.30 to offer supports and reload longs. EUR/JPY has every ability to fly higher but also at the mercy of USD/JPY.

EUR/CHF.  From close at 1.0720, EUR/CHF is wildly oversold from all perspectives. Good long ahead. Vital levels to travel higher are 1.0845 and 1.0880. Until both levels break then any rallies in EUR/CHF are corrective. Good targets long are 1.0788 to 1.0806.  EUR/CHF challenges 1.0845 and 1.0880 by breaks at 1.0806 and 1.0832.

EUR/CAD. From 1.4703 close, EUR/CAD many and strong supports are located at 1.4669, 1.4650 and 1.4622. All points solid. EUR/CAD isn’t overbought but way oversold. EUR/CAD drivers are USD/CAD predominantly. Overbought and sell points begins from mid to high 1.4700’s.

EUR/AUD. From close at 1.4393, the big break line as of Friday was 1.4566, 1.4554 and 1.4621. These points won’t change much over days ahead. What drives EUR/AUD specifically is an overbought or oversold AUD/EUR. Bottom break 1.4081. EUR/AUD will continue to range yet ranges and movements are wide swinging. EUR/AUD if its known how to trade it pays well and pays quickly because of its quick movements.

EUR/NZD. Nothing is oversold or overbought in EUR/NZD from close at 1.5254. Big line breaks above are located at 1.5400 and 1.5401. I plan more work on this pair from an interest rate perspective to determine the inner workings, what drives this pair and how far from a daily view. GBP/NZD as well because GBP/NZD is truly the granddaddy currency pair mover.

EUR/GBP. From close at 0.8628, two big break points above are located at 0.8669 and 0.8686. Below break points 0.8087 and 0.8023.

 

Brian Twomey, Inside the Currency Market, btwomey.com and insidethecurrencymarket.com

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