EURUSD hit resistance at 1.3077 which held the bounce again. We have tested support at last week’s low of 1.2967. A break is unlikely as stated yesterday & we have in fact bounced off here. We have a bullish double bottom formation indicating a move back to 1.3077/80 now. A break above here targets 1.3145 which should hold the topside at this stage but if we push through 1.3165 we look for a test of 1.3199 resistance with 1.3250/55 likely to hold a bounce this week.1.2965 support is providing a floor to the recent sell off but a break should target 1.2890/80 before finding support in this down trend. However if this fails we should test the 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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