EURUSD
The euro lost its Friday gains on today Asian session after setting highs in the 1.2700 area. The support level of 1.2630 is being tested now and we expect it to break, extending the decline towards the next support level which is seen at 1.2585. The 50 fib retracement of the 1.2460-1.2705 move is also seen in the 1.2585 area so it may be a strong support. Resistance is formed by 1.2655 and 1.2705. The daily momentum seems neutral for the moment and the hourly is bearish. One of the two support levels, 1.2630 or 1.2585 shall give clear hints if the upward move towards the 1.27 area will resume or not during the next few days. Current exchange rate is 1.2630
Trading strategies:
Long in the 1.2600 area, stop below 1.2570, objectives at and above 1.2650. Extended objectives may aim towards 1.2700.
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