EURUSD Trading strategies: Short in the 1.2020 area, stop above 1.2040, objectives at and below 1.1980, even 1.1930 on a successful break through 1.1970
The dollar resumed its gains Vs. the Euro by breaking the support level at 1.2040 on yesterday and dragging the European Currency once again in the fragile area below 1.2000. Important resistance is now formed by the 1.2000 level followed by 1.2040 and 1.2100 higher. Support starts at 1.1970 followed by 1.1930 and 1.1900. The hourly sentiment is mixed while the daily became slightly bearish because of the daily close below 1.2000. We don’t expect 1.2000 to act as a strong resistance today, though watching a potential test there would probably give a clue about further moves during the next 24 hours. On the other side, a downward resume may aim towards 1.1930 later. Current exchange rate is 1.1990
Tuesday 11.1.2005
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