EURUSD broke the 7 month uptrend line support at 1.3245 for a test of 1.3187/83 Fibonacci support & bounced just below at 1.3161. Today we expect a recovery with targets of 1.3246 & then 1.3295/1.3310. This is tough resistance & may cap the bounce. However if we see further strength look for 1.3370/80 which we see as a very good selling opportunity with a stop above 1.3440.

Support at 1.3180/60. Again a chance of a bounce but a break lower would then target the 100 day & 21 week moving average at 1.3120. failure here should find good support at 1.3060/40

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Long term levels

1.3711     2013 High

1.3520     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

1.3306     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