EURUSD elbowed higher in quiet trading

At 18:00 GMT, Thursday, the pair was trading at 1.1375 levels, up from Wednesday close 1.1363.

 

+DI and –DI are about to converge at 20 and reflect a lack of apparent trend. ADX dipped to 16. RSI14 has been trading around 50 for two weeks. The pair will go on trading sideways in near future. Bollinger Bands support and resistance levels are seen at 1.1252 and 1.1471.

 

A closer look at recent period, EURUSD may be developing a Head and Shoulder Bottom with resistance at around 1.1450. Breaking the neckline resistance, measured target is seen at 1.1730.

 

Support: 1.1252 / 1.1200

Resistance: 1.1471 / 1.1800

 

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Ben Yung is Senior Vice President in Wealth Management Department of South China Financial. His primary responsibility is to provide sound and logical rule-based trading algorithms to high net-worth clients and also multiple strategies to funds. Before joining South China Financial, Ben was Head of Investment Education and Research. Besides designing trading strategies for fund managers, he also delivered speeches, held investment seminars and published articles on Technical Analysis and Quantitative Trading. Ben joined the financial industry in 1994. For over 10 years, Ben has been the program designer and instructor for Peak College, Vocational Training Council of Hong Kong, in technical and quantitative trading strategies. Renown clients includes HSBC, BOC, BEA, ICBC, AIA, Prudential, Manulife and etc. Ben has great enthusiasm in exploiting market anomalies and converts the findings into trading strategies. He also provides consultation to APP developers in China in formulating quantitative trading strategies. In mid of the decade, Ben extends the area of interest to Crypto currency. He starts delivering consultation to a Crypto currency trading exchange lately.

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