Trading strategy: small long at 1.3050 on hourly close above 1.3045, stop at 1.2980 (0.5% risk), 1st objective at 1.3100, 2nd objective at 1.3200

The euro continues to orbit around 1.3000 and yesterday's dip to 1.2950 was short-lived, therefore the upside remains in focus for now as most signs are pointing North. Potential pullbacks will probably face support into the same 1.2950 region or lower, around 1.2900 and 1.2850/60 - 50% and 61.8% retracements of last up leg from 1.2735 to 1.3045. Clear break above 1.3000 should open 1.3250 - former support of March and April. This week's economic calendar is lighter and today's attention will be given to New Zealand's Interest Rate Decision later today and the RBNZ's statement. Until then, there's the Core Durable Goods Orders data release coming from the U.S. at 13:30 GMT. Current exchange rate is 1.3009 @05:55 GMT

Support: 1.2950, 1.2900, 1.2860 and 1.2750/70 Resistance: 1.3050, 1.3100 and 1.3250 Market sentiment: long term - bearish, medium term - slightly bearish, short term - bullish, intra-day - bullish

More trading setups