Trading strategy: small long at 1.2780, stop at 1.2720(0.5% risk), 1st objective at 1.2830, 2nd objective at 1.2900
The euro is relatively quiet since yesterday, trading in a narrow range of 70 points, but holding gains above 1.2800. Upside is slightly favored and a pullback may provide a buying opportunity if former resistance at 1.2750 provides support. Sentiment is currently mixed and a break above 1.2900 should be seen as a bullish confirmation. We definitely could see more buying and test of 1.2900, perhaps 1.3000 – depending on the NFP data later today, which is today’s most important event in the economic calendar. Current exchange rate is 1.2819 @05:35 GMT
Support: 1.2750/70, 1.2650, 1.2600, 1.2500 and 1.2430/50
Resistance: 1.2850, 1.2900/20 and 1.3000
Market sentiment: long term – bearish, medium term – slightly bullish, short term – bearish, intra-day – bullish
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Have a nice day!