EURUSD
The Euro recovered slightly Vs the US dollar, testing offers in the 1.2540 area on yesterday and during today’s Asian session.
Resistance is formed by 1.2540 followed by 1.2555 and 1.2575. Higher, it is also seen at 1.2630 and 1.2660. Support is formed by 1.2525 backed by 1.2500 and 1.2480. Bearish momentum is formed on the daily studies while the hourlies are mixed at the time of this writing. So far, the support level at 1.2480 seems solid and while it holds we may see the Euro aiming for the daily downtrend channel’s resistance which is now seen in the 1.2630-1.2660 area. Current exchange rate is 1.2538 @05:50 GMT
Trading strategies:
Long in the 1.2515 area, stop below 1.2480, objectives at and above 1.2565.
Short in the 1.2580 area, stop above 1.2610, objectives at and below 1.2540.
