Quote of the day: In Europe, it's different - you eat soccer, you breathe soccer, you drink soccer. Everything is about soccer. - Thomas Dooley
Trading strategy: standing aside
The euro continued its recovery, advancing higher against the dollar but upside remains capped at 1.2140/50 - former support. Intra-day support is now seen at 1.2050, backed by 1.2000 lower. While 1.2050 provides support on dips, a break above 1.2140/50 will be favored, and a change in short term's sentiment would occur if the euro overcomes 1.2140/50 - reentering last 3 weeks' range, aiming towards 1.2250/60 in first phase. The EURJPY is also helping as it recovered some lost ground lately but remains under high pressure. On the other hand, the EURGBP's decline doesn't show any signs of exhaustion - more losses being in the cards. Current exchange rate is 1.2108 @06:13 GMT
Support: 1.2050, 1.2000, 1.1960/80 and 1.1875/00 Resistance: 1.2150, 1.2250/60 and 1.2300 Market sentiment: long term - bearish, medium term - bearish, short term - bearish, intra-day - slightly bullish
Have a great day!