EURUSD has initial resistance at 1.3077 today which could hold a bounce, but above here we could see 1.3145 which should hold the topside. If we push through 1.3165 however, we look for a good selling opportunity at 1.3199 with a stop needed above 1.3225.This pair are severely over sold on the daily chart so there is always the risk of a sharp bounce but there is no other sign of a bottom. Last week’s low at 1.2967 offers support but a break could target 1.2890/80 before finding support in this down trend. However below here we should testthe 200 day MA at 1.2846.
Long term levels1.3711 2013 High1.3528 200 Week Moving Average1.3486 2012 High1.3331 100 Week Moving Average1.3319 Last week’s high1.3135 100 Week Moving Average1.3074 38.2% Fibonacci1.2967 Last week’s Low1.2877 50% Fibonacci1.2846 200 Day Moving Average
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