EURUSD
Trading strategy: stand aside
The Euro continues to consolidate below the 1.5600 mark so far being well supported into the 1.5550 zone but the support seem rather fragile while the pair fails to advance higher into a safer zone. While the medium term studies are bearish since the break below the mid 1.57′s, the dollar may put some more pressure on the support levels at 1.5550 formed by a daily trendline started on March 11 at 1.5282 then the April’s low at 1.5510 and 1.5340 which was the objective of the corrective downleg which followed the rally to 1.5905. In other words, some good support levels are seen into the 1.5500-1.5550 range and if they remain intact, the Euro may resume the uptrend bringing the 1.57 zone into focus, or else a fall to 1.5340 may occur. Resistance starts at 1.5620 followed by 1.5665 and 1.5700. While the pair is looking for direction, expect some more ranging moves and an increased volatility later today due to the Fed interest rate decision. Current exchange rate is 1.5588 @06:25 GMT
Support levels: 1.5550, 1.5510, 1.5460 and 1.5340
Resistance levels: 1.5620, 1.5665, 1.5700 and 1.5785.
Market sentiment: long-term : bullish, mid-term : bearish, short-term : slightly bullish
