EURUSD daily report, by Liviu Flesar
After establishing fresh highs on Friday by testing the 1.29 resistance level on the NFP release, the Euro declined on yesterday and resumed the decline during today’s asian session testing bids into the 1.2810 area. Lookin on the daily charts we notice that the upside is still favored and while the market holds above the mid 1.27 we expect new tests of 1.29 in order to exit the range and resume the upward move towards 1.3. Support is seen at 1.2800 backed by 1.2770 and 1.2745. Resistance starts at 1.2830 followed by 1.2870 and 1.2900. Large moves are possible today due FOMC policy announcement in the US later. Current exchange rate is 1.2822.
Trading strategies:
Long in the 1.2790 area, stop/reverse below 1.2760, objectives at 1.2870. Secondary objectives may aim above 1.29 in case of a 1.2870 break.
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