EURUSD daily report, by Liviu Flesar
The dollar recovered some of its previous losses suffered last week Vs the Euro as the pair tested bids in the 1.2730 area on yesterday.
As we mentioned on our weekly outlook, the 1.2730 level is a key medium term support which is likely to give hints about the direction of the upcoming market moves. While it holds, a reversal of the current intraday downward trend is possible and targets above 1.2830 and even 1.2930 may come on-focus. On the other hand, a break of the said level will bring the pair into the previous range of 1.2630-1.2730 once again. We will look forward for potetnial tests of the said level as they give opportunities of long positions with tight stops, just below the 1.2730 mark. Support backs 1.2730 at 1.2680. Resistance is formed by 1.2760 followed by 1.2780 and 1.2830. Sentiment is neutral on hourly charts and slightly bullish over the dailies. Current exchange rate is 1.2751
Trading strategies:
Long in the 1.2740 area, stop/reverse below 1.2715, objectives at and above 1.2780. In case of a break of 1.2780, secondary objectives may aim at 1.2820.
