Trading strategy: standing aside

The euro holds steady above former intra-day resistance at 1.3050 after reaching a fresh multi-week high at 1.3105 yesterday. Current recovery is likely to continue and next upside objective is seen at 1.3250/90. Today's most important event in the economic calendar is the US GDP data release at 13:30 GMT. Since it is the end of July, a corrective move is also possible due to profit taking later today. However, no change in short-term sentiment should occur as long as the 1.27 region is far from current trading levels. Intra-day support starts at 1.3050, backed by 1.2970/00 and 1.2900. Resistance starts at 1.3100 followed by 1.3200 and 1.3250/90. Current exchange rate is 1.3075 @06:15 GMT

Support: 1.3050, 1.2970/00, 1.2900, 1.2860 and 1.2750/70 Resistance: 1.3100, 1.3200 and 1.3250/90 Market sentiment: long term - bearish, medium term - slightly bearish, short term - bullish, intra-day - bullish


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