EURUSD
The Dollar extended its losses across the board on yesterday, reaching 3 weeks lows Vs. the Euro above the 1.27 mark. Support is now formed in the 1.2680-1.2695 area and it will probably hold the Euro above the 1.27 level for a while now. Support is also seen lower, at 1.2640 and 1.26.
However, the market is currently moving in the 50 fib of the 1.2980-1.2480 area so a reverse and resume of the mid-term decline won’t be a surprise. Extended Euro gains may target the resistance level at 1.2780 and 1.2840 higher. Both daily and hourly studies are bullish due the violent upward move. Current exchange rate is 1.2715
Trading strategies:
Stand aside or short in the 1.2725 area, stop/reverse above 1.2755, objectives at and below 1.2680.
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