- EUR/USD tests trend-line resistance at 1.4202, convincing breaks above could take the pair to 1.1460 levels
- Risk-off, accentuated by yet another Chinese data disappointment benefiting the safe-haven status of the euro, keeps USD subdued
- Momentum studies, 5, 10 & 20 DMAs point higher, pair could target 1.1460 Sept high in days to come
- Due later today are Eurozone industrial production figures which could show the activity cooled in August, also US advance retail sales will likely decide the overall sentiment in the markets
- 1.1351 rising 5 DMA then 1.1320-25 316M strikes are initial support, while 1.1401 session high then yesterday's 1.1411 are initial resistance
Resistance Levels:
R1: 1.1427 (Session high Oct 14)
R2: 1.1460 (Daily High Sept 18)
R3: 1.1475 (61.8% Fibo 1.1715-1.1088)
Support Levels:
S1: 1.1386 (4h Tenkan Sen)
S2: 1.1345 (Session Low Oct 13)
S3: 1.1333 (Hourly Low Oct 9)
