EUR Trading Outlook
TECHNICALS: The downtrend continues to flatten out (see chart) and a possible basing pattern suggests that bears should consider booking some profits after a good run. The obvious levels to watch are .9580/.9700 and a break either side will add to momentum.
TECHNICALS: There has been a definite flattening of the short-term downtrend (see chart) and the failure to consolidate the break below .9580 suggests that we should get a period of consolidation or retracement in coming sessions. Support levels are at .9590 and obviously now at yesterday’s .9530 lows; resistance should be firm at .9700 and .9780 in particular.
TECHNICALS: The steep short-term downtrend was breached yesterday (see chart) which tells me that downward momentum is starting to weaken. That doesn’t mean we don’t still fall some more but any further losses are likely to be in a more sideways direction. Daily lows at .9580 from last year remain intact and with Sovereign bids reported towards .9550, this supports the sideways trading view. Look to .9750 for solid resistance on rallies.
TECHNICALS: We will get an important break-out today, one way or the other, with last year’s spike lows at .9585 providing support and the short-term bearish trendline chasing lower, presently at .9665 (see chart). I’d play the edges of this range in early trade but keep stops tight either side.
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