EURUSD daily report, by Liviu Flesar
The Euro established new mid-term highs at 1.2780 and was supported by 1.2740 on yesterday’s relatively tight range. The pair declined on the Asian session reaching the support level at 1.2725. Maybe it is not the time yet for a complete breach of 1.2770 and we will see that by focusing on the current support levels, at 1.2725 and 1.2700 as a break of those two will drag the Euro lower, into the 1.26 area. On the other hand, looking on the daily charts, the upside is still favored and a minor retracement as this one seen during the Asian session would not end the 3 days cycle of testing the key resistance at 1.2770. Support is now formed by 1.2725 and 1.2700, backed by 1.2665 lower. Resistance starts at 1.2740 and it is followed by 1.2770-80. The daily momentum is bullish while the hourly is slightly bearish due the 50 pips decline which occured during the last hours. Current exchange rate is 1.2732
Trading strategies:
Long in the 1.2720 area, stop/reverse below 1.2700, objective at and above 1.2770. Extended objectives may aim into the 1.28 area, around 1.2820 in case of a resume of the upward trend and a break of 1.2700.
Short positions may target towards 1.2660 in case of a break below 1.2770.
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