EURUSD fell to test very good support at 1.3310/1.3290 and the chance of a low for the week. This has worked so far today with a low at 1.3315 & we are bouncing towards resistance at 1.3377. We could push through here to test 1.3409/15 which will be much harder to beat. A high for the day here is very possible but if we break higher look for 1.3446 then 1.3466/76 for selling opportunity with a top here expected.

1.3320/10 should be used as a buying opportunity if we see it again today. We do expect this to mark the low but stops are needed below 1.3285 for a test of trend line support at 1.3220/10.

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Long term levels

1.3711     2013 High

1.3660     Last week’s high

1.3532     200 Week Moving Average

1.3486     2012 High

1.3381/86  April 2012 High

1.3367     100 Week Moving Average

1.3353     Last week’s Low

1.3284     May 2012 High

1.3140     October 2012 high

1.3028    November High

 

The article was first published by DayTradeIdeas.com