EURUSD
The pair traded in a narrow range on yesterday due to the Memorial Day in the U.S. and the Spring Bank Holiday in the U.K.
Support is now seen at 1.3420 backed by 1.3410 and 1.3380. Resistance is noticed at 1.3460 followed by 1.3473 and 1.3500. Hourly sentiment is slightly bullish, daily studies are bearish. A daily close above 1.3500 would signal a full reversal but on this morning it doesn’t offer any clues regarding a potential recovery. It may resume its recovery, putting the 1.3500 barrier under pressure but only if 1.3420 holds. There were better chances for a recovery while the Euro was supported by 1.3450 but now it declined below the said support, we may assist to yet another step towards the 1.33 area. Close attention should be paid to the resistance level at 1.3460 and the support at 1.3420. A break on either side may decide the upcoming market direction. Current exchange rate is 1.3438 @ 06:00 GMT
Trading strategies:
Short in the 1.3460 area, stop at 1.3490, objectives at and below 1.3420.
