EUR/USD: Levels, Ranges, Targets
Reason for the overnight 32 pip range from 1.1154 to 1.1122 is EUR bottoms rose 23 pips from the bottom point and 40 pips from the range point. Additionally, prices are locked together both down and the upside.
Current bottom is found at 1.1077, up 23 pips from yesterday 1.1154. The downside range point rose 40 pips to 1.1099 from 1.1059 yesterday. Bottoms at 1.1077 are seen on breaks of 1.1105, 1.1099, 1.1091 then 1.1077. Most important points 1.1099 and 1.1077.
The significance of 1.1099 and 1.1077 is next targets below becomes 1.1034, 1.1027, 1.0997. Further out, 1.0964, 1.0921. Breaks must occur at 1.1141, 1.1142, 1.1134, 1.1105.
Yesterday and since Sunday opening, 1.1166 has been the rough break point so far. Another point was built into the curve today at 1.1155 and explains not only the dead range overnight but the dead stop overnight at 1.1154.
So big break points above 1.1155 and 1.1167, targets next rough area at 1.1210 and 1.1215. Then further out targets 1.1358, previously 1.1335. To offer what 1.1358 means, the 3 month line is located today at 1.1392, up 21 pips since Sunday yet in its range as reported Sunday from 1.1350 to 1.1405 ish.
Overall, look for upper targets today at 1.1187 and 1.1210, 1.1215 to hold.
Most significant points above 1.1210 and 1.1215, those breaks must be seen to see EUR higher. Until seen, EUR is in correction from oversold due because the curve again is fighting severe overbought V oversold.
If EUR/USD was a House, its price today is on the wrong side of town and in a bad neighborhood. Caution and watch break points as overall, EUR/USD is heading lower over time.
