EUR Trading Outlook
The market is currently testing technical support levels near .9225 (see chart) but an inability to close below there would suggest that bearish momentum isn’t overly strong. There are more technical support levels at .9195/00. Resistance levels will start intraday at .9285/90.
Resistance levels held firm near .9455 and the focus is now on downside support levels at .9270 and at .9225 below there (see chart). Intraday resistance levels are reasonably light until .9400. I’m still of the view that the medium-term direction is up.
Initial resistance comes in now at a 38.2% Fibo near .9455 (see chart) but I find technicals in general to be quite untrustworthy in choppy sideways markets. I would still look to longer-term charts for signals but I tend to ignore the short term stuff. Pick a possible range and place your orders right on the extremities, that’s how to trade these types of markets in my view.
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