Trading strategy: small short at 1.2880, stop at 1.2960(0.5% risk), objective at 1.2730
Euro's recovery on Friday was again limited by 1.2900 and the 3 weeks gains were cut in a single week as the euro lost 570 points in the last 5 days. Support was found at 1.2730 - level which provided support on July 21. Short-term sentiment is slightly bearish and a break above 1.3000 is what the bulls should look for, to confirm uptrend continuation. Meanwhile, selling into rallies or on a break down below 1.2730 are probably the safer strategies. Current exchange rate is 1.2793 @06:10 GMT
Support: 1.2730, 1.2600 and 1.2500
Resistance: 1.2830/50, 1.2900, 1.3000, 1.3100 and 1.3250
Market sentiment: long term - bearish, medium term - slightly bullish, short term - slightly bearish, intra-day - slightly bullish
More trading setups
Have a good day!