Daily Trading Report for EUR/USD by CharmerCharts

By Roger Baettig | September 17 2012 7:30 AM

Euros again raced higher, although in Asia we have been very quiet.. Now this has eased the short term overbought scenario and 60 min charts are now neutral....This may well lead to another short term move higher towards the 3170 highs, but here we are looking to sell the market.

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We would hold shorts unless a break is made above 1.3185..Only then would we have breached the recent high at 1.3170 which was the 200 weekly period on Euros, so this will prove to be a big level to break above. Our daily pivot is 1.3095 and our first short term 23.6 Fib level is at 1.3096 and we should gravitate towards this support early on in the Euro zone session. Below here and we will see further selling pressure leaving between 1.3050 and 1.3015 targeted... The latter 1.3015 support should hold initial decline and we will expect buyers in at these lower levels.

Hold longs unless we see a break below 1.2990. Below here and 1.2940/35 will entice..