EURUSD daily report, by Liviu Flesar
The Euro rallied on yesterday breaching the 1.2750 key resistance, therefore escaping the range of 1.2650-1.2750 giving clues about potential fresh highs into the 1.28 area. The test of 1.28 failed, as the pair seemed exhaused by the time it reached the 1.2780-1.2800 area but the touch of 1.2799 while the US markets were quiet, tells us that 1.2800 isn’t such a strong resistance. We are expecting a break of the said level if the near intraday support levels will hold. Such support levels are now seen at 1.2780 backed by 1.2750. Lower than that, support is also seen at 1.2710. Resistance is formed by 1.2800. More resistance levels are emerging at 1.2830 and 1.2880. Higher, there’s the key res in the mid 1.29 area. We will be looking forward for a potential retracement before engaging the lower half of 1.28 into potential tests. Current exchange rate is 1.2790
Trading strategies:
Long in the 1.2760 area, stop below 1.2735, objectives at and above 1.2800. Extended objectives may target 1.2830 in case of a break of 1.2800.
