The euro is struggling for direction once again. The overnight pop ran into the 200 H4ma and the data has brought us back down below 1.3000. The surprise is that the Zew report seemed to trump the EZ industrial production. I would have thought the positive IP report would have taken center stage.
As I write it looks like it is as we push through 1.3000 to challenge the highs once again.
Third time’s a charm as they say and we’ll see if it can take the ma out. Next stop if it does is the 38.2 fib of the 8 May drop at 1.3033.
There’s a clutch of resistance at 1.3029/39 and further up at 1.3060, old support at 1.3065/67, the 100 H4ma at 1.3069 and the 55 H4ma at 1.3082, so plenty for the bulls to get through if they want to push the pair higher.
Down below our old favourite 1.2950 level is housing some more options and then lows between 1.2935/40 is the first line of support. Further support is seen at 1.2913 then 1.2900 then strong support at 1.2882.
