FxWirePro-  Sell EURUSD on rallies

Potential Reversal Zone (PRZ)-  1.09600

EURUSD trades weak despite upbeat German ZEW economic sentiment. It hit a low of 1.108846 at the time of writing and is currently trading around 1.09014.

In Oct 2024, the ZEW Indicator of Economic Sentiment for Germany sharply rose to 13.10 from 3.6 points,  in September.

Fed member Speech -

Fed Governor Christopher Waller acknowledged that recent economic data is mixed but asserted the US economy is on “solid footing.” He highlighted strong employment levels and progress in inflation, despite occasional setbacks.

Intraday bias remains bearish as long as resistance 1.1000 holds.

Technicals-

 The pair is trading below  34-,55 EMA, and 200 and 365 Hull moving averages in the 4-hour chart.

The near-term resistance is around 1.0960, a breach above targets 1.100/1.1030-/1.106501.10850/1.11050/1.1150.  Major bullish continuation only above 1.1150. A jump above will take the pair to 1.11780/1.12150. The immediate support is at 1.0875, any violation below will drag the pair to 1.0800. Any daily closing below 1.0900  (200- day EMA) will confirm further bearishness.

 Indicator ( 4-Hour chart)

CCI (50)- Bearish

Average directional movement Index - Bearish. All indicators confirm a bearish trend.

Sell-on rallies around 1.09600 with SL around 1.1000 for a TP of 1.08500.