FxWirePro: EUR/USD Daily Outlook

EUR/USD chart on Trading View used for analysis

• EUR/USD extends weakness for the 2nd straight session, trades 0.09% lower at 1.1377 at the time of writing.
   
• The pair has been rejected at 21-EMA and we see scope for further weakness.
   
• Price action is below major moving averages and has broken below 1H 200-SMA at 1.1382.
   
• The major finds immediate support at 1.1366 (5-DMA), break below to see further weakness.
   
• Momentum studies on intraday charts are biased lower and next major bear target lies at 1.13 (trendline).
   
• On the flipside, we see stiff resistance at 21-EMA at 1.1445, upside only on break above.
   
• Data to Watchout for the week ahead: Euro area October final PMI and Germany Industrial Production.

Support levels - 1.1366 (5-DMA), 1.13 (trendline)

Resistance levels - 1.1445 (21-EMA), 1.1530 (55-EMA)

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.