EURUSD
The Euro declined on yesterday and reached lows in the 1.3650 area, a level which probably noone expected to see that soon. Support is currently seen at 1.3650 backed by 1.3635, 1.3600 and 1.3565. Resistance is emerging at 1.3680, 1.3715 and 1.3755. Daily momentum is bearish, hourly is neutral. Being highly oversold, the Euro may recover if the lower half of the 1.36 area remains intact. A recovery would bring 1.37 back in-focus while on the other side, a potential resume of yesterday’s decline may reach the upper half of 1.35 area where the mid-term support at 1.3565 is seen. On a medium term basis, we remain bullish on the Euro but that may change if some of the key support levels won’t hold. Current exchange rate is 1.3659 @06:11 GMT
Trading strategies:
Long in the 1.3650 area, stop at 1.3620, objectives at and above 1.3700.
