EURUSD
The dollar extended its gains on yesterday and the pair reached lows in the 1.3475 area after breaking the support level at 1.3500. Support is currently seen at 1.3475 backed by the key barrier at 1.3460 and 1.3430 lower. Resistance emerges at 1.3500 followed by 1.3525 and 1.3545. Daily momentum is bearish and the Euro has to recover a lot in order to signal a reversal, hourly sentiment is bearish too. The Euro needs to stabilize into the mid 1.35-1.36 area in order to confirm a reversal and the end of this medium term retracement, in case it is only a retracement. The support at 1.3460 may give us more clues if the current Euro decline is a retracement or not. If it breaks, the 1.33 area will probably become a soft target. Current exchange rate is 1.3485 @ 06:02 GMT
Trading strategies:
Long in the 1.3470 area, stop at 1.3440, objectives at and above 1.3510.
