Trading strategy: small long at 1.3100, stop at 1.3030(0.5% risk), 1st objective at 1.3150, 2nd objective at 1.3250

1.3100 failed to hold and the euro rallied to as high as 1.3195 - on its way to the next important objective which is set into the 1.3250/90 region. Short-term sentiment is bullish and no technical clues suggesting extended downside action are seen yet - unless flipping the chart upside down. A minor pullback should face support into the former resistance region, at 1.3100. Lower than that comes 1.2970/00 but short-term bias will remain intact even if that 2nd support level will be reached within the next trading sessions. My assumption is that buying dips on bounces or on breaks higher should remain the safest bets for now. Current exchange rate is 1.3155 @06:12 GMT

Support: 1.3100, 1.2970/00, 1.2900, 1.2860 and 1.2750/70
Resistance: 1.3200, 1.3250/90 and 1.3500
Market sentiment: long term - bearish, medium term - slightly bearish, short term - bullish, intra-day - bullish


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Have a good day and happy trading!