Trading Scenario: As we look into charts, EURUSD yesterday made a high of 1.3262 and now marginally holding above 1.3200 level. It seeems bulls still fighting for 1.3300 target.
EURUSD is still firmly traveling in a bullish channel and now seems to be retracing of that upward move yesterday. EURUSD has support significant support at 1.3100 to 1.3150 level.
Our scenario on EURUSD is looking to buy at support levels. An agressive long will be from 1.3150 and more conservative long will be from 1.3100 level to give a good risk to reward trade targeting 1.3300.
Entry Strategy: Buying dips in an uptrend at support levels while market trade above our weekly trend reversal level which is at 1.2870.
Trade Suggestion: Go long around 1.3110 to 1.3150 targeting 1.3200, 1.3250 and 1.3300.
Trend Direction: Bullish
Trend Reversal Level: 1.2870
Key Support Levels: 1.3150, 1.3100, 1.3050, 1.3000, 1.2950
Key Resistance Levels: 1.3225, 1.3303, 1.3500