EURUSD
The Euro resumed the climb and breached the 1.2500 area on yesterday, where it found support at 1.2520. Major resistance is formed at 1.2590 by the highs of last year’s August and September. Key reversal point is seen in the 1.2560 area, the 50 fib retracement of the 1.3480-1.1640 move of last year. We are expecting the 1.2560-1.2590 area to act as a serious barrier. Support is formed by 1.2520 and 1.2470. Daily momentum is highly bullish while the hourly is slightly bearish. Current exchange rate is 1.2525.
Trading strategies:
Short in the 1.2550 area, stop above 1.2580, objectives at and below 1.2470. If reached, secondary objectives may target 1.2400.
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