EUR Trading Outlook
TECHNICALS: The short-term charts tried to break lower yesterday but stalled at recent hourly lows near .9390 (see chart). Short-term resistance levels are also pretty clear starting at .9480 and up through .9525. We really need to see a clean break outside of this range in order to get fresh momentum but for now the default trade is in line with the bull trend.
TECHNICALS: The short-term charts look moderately constructive (see chart) and I favour the buy-dip approach. Initial support is at a 38.2% retracement of the 5-wave up-move which comes in near .9405. There is much stronger support .9335/50 and that is the preferred entry level so patience required.
TECHNICALS: Still no change in the overall technical pictureover the last few days and the obvious technical levels to watch are still at .9280 and .9525 (see chart). The short-term charts are starting to look mildly bullish with higher highs and higher lows. I favour buying deeper dips based on these factors.
TECHNICALS: The obvious technical levels to watch are still at .9280 and .9525 (see chart). The former was a 38.2% retracement level which held really well, usually a bullish sign but recent highs at .9525 will still offer stiff resistance. Short-term support levels start at .9380 and range trading is the most likely outcome for the next 24 hours.
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