EURUSD
Trading strategy: Long in the 1.5730 area, stop at 1.5690, objective at and above 1.5800.
The last Friday has been yet another rangebound trading day and the Euro failed to advance higher by breaking the resistance in the 1.5825 zone. Solid intra-day support cluster is formed now within the 1.5725-1.5755 zone. While the 1.5725 support holds, the Euro may re-test the current range’s resistance at 1.5860 but until it gets there it has to get past the 1.5825-30 resistance which has been quite a decent barrier during the last 2 trading days. Overall intra-day sentiment is mixed as a break out of the current range is needed to rebuild strength on any side. The medium term momentum is highly bullish and we believe that further upside will be seen. Short-term momentum is bearish at the time of this writing but the downside should be limited within the 1.5720-1.5750 zone in order to mentain a bullish view on the next trading sessions. Current exchange rate is 1.5791 @06:19 GMT
Support levels: 1.5755, 1.5725, 1.5660, 1.5585
Resistance levels: 1.5825, 1.5860, 1.5880, 1.5905 and 1.6000.
Market sentiment: long-term : bullish, mid-term : bullish, short-term : slightly bearish
Friday trading strategy: Long now in the 1.5780 area, stop at 1.5740, objectives at and above 1.5830. Extended objectives may aim to 1.5900 if 1.5860 breaks : 50 pips
