EURUSD
The Euro extended its gains on yesterday establishing fresh highs at 1.2770 but the dollar recovered setting the daily lows 90 pips lower, at 1.2680. First support is formed by 1.2680 backed by 1.2660 and 1.2625. Resistance is formed by 1.2700 followed by 1.2725 and 1.2770. While the 1.2680 support holds, we are expecting to see an Euro recovery towards the highs established on yesterday. Medium term speaking, the daily charts are moderately bullish but a daily close above the 1.2700 mark is crucial in order to confirm the extended gains towards higher areas. The hourly momentum is mixed and slightly bullish. Current exchange rate is 1.2695
Trading strategies:
Long in the 1.2680-90 area, stop/reverse below 1.2660, objectives at 1.2730. Extended objectives may aim at 1.2780 and higher in case of a break through 1.2725.
Short positions may target 1.2620 in case of a break of the higher support levels.
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