EURUSD
Trading strategy: Long in the 1.4495 area, stop at 1.4465, objectives at and above 1.4545. Extended objectives may aim towards 1.4585 if the Eur manages to find support above 1.4550.
The Euro recovered on yesterday by climbing into the 1.45 zone from 1.4400 where it found intra-day support. Support is now formed at 1.4500 backed by 1.4470, 1.4450 and 1.4400. Resistance starts at 1.4515 followed by 1.4530 and 1.4580. Daily sentiment is slightly bullish, the hourly studies being positive as well. While the Euro holds above the 1.4470 intra-day support, it may continue the recovery and aim towards the upper half of the 1.45 area and maybe 1.4600 later. On the other side, a break of the said support level may encourage the greenback to gain some ground versus the Euro and pull the pair on the lows of yesterday, at 1.4400. We are expecting the Euro to continue its recovery but we are carefully watching the support at 1.4470. Current exchange rate is 1.4507 @07:10 GMT
friday trade: Long in the 1.4380 area, stop at 1.4350, objectives at and above 1.4430. Extended objectives may aim towards 1.4460 if 1.4425 won’t hold : -30 pips
