EURUSD
The Euro moved on a narrow range between the resistance at 1.3470 and the first support at 1.3435 on yesterday, closing the day slightly lower versus the dollar. Support is formed at 1.3435 backed by 1.3395 and 1.3370. Resistance emerges at 1.3470 followed by 1.3520 and 1.3550. Daily sentiment is bullish and remains intact while 1.3435-1.3440 holds, hourly momentum is neutral at the time of this writing but close o entering a bullish phase. The sideways trading may continue due to the lack of key economic events during the next trading sessions. A potential break of 1.3470 would support an Euro test of 1.3500-1.3520 later while on the other side, a break below the key daily support at 1.3435 would bring the lows of 1.34 and a potential slip below 1.3400 back on our attention. Looking on the longer time frame charts, a break of 1.3515 is needed to confirm a full recovery of the Euro which would be noticed on the weekly charts – 50 fib retracement of the 1.3680-1.3265 decline. Current exchange rate is 1.3465 @ 06:05 GMT
Trading strategies:
Short now in the 1.3465 area, stop at 1.3485, objectives at 1.3445.
Long in the 1.3440 area, stop at 1.3415, objectives at and above 1.3470.
