EURUSD daily report, by Liviu Flesar
The Euro was mixed on yesterday, orbiting around the 1.2700 level and trading into a narrow range of 50 pips after a failed test of the first resistance which is seen at 1.2730. Support is formed by 1.2680 and 1.2660. Resistance emerges at 1.2730 followed by 1.2760 and 1.2780. Higher, resistance is also seen at 1.2830. While the 1.2680 support holds, reversals aiming into the mid 1.27 are possible, as a break of 1.2730 and even a daily close above the said level are needed in order to confirm an upcoming test of the higher areas of 1.28 and 1.29. On the other hand, a drop below 1.2680 and 1.2660 may easily drag the Euro into the 1.25 area. Sentiment is mixed on both hourly and daily charts. Current exchange rate is 1.2696 @06:00 GMT
Trading strategies:
Long in the 1.2680 area, stop/reverse below 1.2650, objectives at and above 1.2730. A potential break through the 1.2730 resistance level may extend the objectives towards 1.2760.
