Forex Marketz Daily Forex News – Fully Markets Update
The Euro has moved higher for three straight trading sessions and is now in a position to challenge the key pivot at 1.10/1.11. At this point, we need a daily close above the congestion area at 1.0994 to 1.1040 to challenge the technical resistance at 1.1121. Should the EUR/USD move lower there is support at 1.0867, with a break below this technical level challenging the next support at 1.0711. This is the low touched on March 31.
The trading range is narrow and does not offer an opportunity to make a trade at this time. I will treat any break higher as the euro as a change to enter a short EUR in line with my medium-term bearish outlook. For now, I remain on the sidelines watching the charts for an actionable trade to present itself.