EURUSD daily report, by Liviu Flesar
The Euro recovered its previous 2 days losses managing to get past yesterday’s high at 1.2565 during today’s Asian session.
Support is formed by 1.2550 backed by 1.2525 and 1.2500. Resistance emerges at 1.2610 and 1.2630. The current Euro recovery may continue towards the 1.2630-1.2660 marks where the downtrend channel’s resistance formed on the daily charts is seen. Daily bearishness remains intact though a bullish flavor can be noticed if the Euro will continue to climb and close in the 1.26 area today. Hourly studies are bullish and a bit overbought. We will be looking forward for potential tests of the said resistance levels in the 1.26 area. Current exchange rate is 1.2575 @05:45 GMT
Trading strategies:
Long in the 1.2550 area, stop/reverse below 1.2520, objectives at and above 1.2600. In case of a successful test of 1.2610, objectives may be extended to 1.2650.
