EURUSD
The US dollar continued to weaken against the Euro following the decision by the FOMC to keep the Federal funds rate on-hold at 5.25. The pair continues to trade in a narrow range and so far it couldn’t break the resistance at 1.2725/30.
A break of the said resistance will bring the mid 1.27 area in-focus, where the Euro will face the next resistance, at 1.2750. We will be looking forward for potential breaks of these two resistance levels. However, the ground seems fragile enough as both currencies been weak over the last couple of days and they both failed to escape the narrow range of 1.2650-1.2730.
Support is now seen at 1.2710 backed by 1.2680 and 1.2650. Market sentiment is bullish on both hourly and daily studies. Current exchange rate is 1.2723
Trading strategies:
Long in the 1.2705 area, stop/reverse below 1.2675, objectives at and above 1.2750. Extended objectives may aim at 1.2800 in case of a break of the mentioned resistance levels.
