EURUSD held above good support from the 55 day moving average and the 6 month uptrend line at 1.2985/75 last week. We have resistance at 1.3090/95 today but above here we look for a move to 1.3145/55. This may be enough of a rally for today so watch for a high for the day but be ready to buy back in to longs above 1.3170 looking for a move to 1.3200/07 as the next target.


We could find a floor at 1.2985/75 if this is tested today so worth exiting shorts and buying in to longs here. However a stop loss is required below 1.2950 as a break signals continued losses to 1.2920/09. Exit shorts here again and buy in to longs looking for a low for the day. Use a stop loss below 1.2880.


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Long term levels
1.3491   Weekly 50% Fibonacci
1.3387   100 Week Moving Average
1.3381/86   April High
1.3300   Last week’s high
1.3284   May High
1.3150   Weekly 50% Fibonacci
1.3140   October high
1.3028   November High

The article was first published by DayTradeIdeas.com