Forex Marketz Daily Forex News – Fully Markets Update
EUR/USD (1.2452)
- Resistance Levels: 1.25, 1.26, 1.2770
- Support Levels: 1.2360, 1.2215, 1.1975
The euro looks like it has stalled out near another technical resistance level and turned lower. Please note the above daily MT 4 chart as we are seeing a bearish engulfing candlestick forming and the price retreating once again.
Near term resistance is at the key technical handle at 1.25. We need a move above this level, with a daily close, to target 1.26. This is also the high set back on November 19. If price action continues to fall lower then we need a break below 1.2360 in order to target 1.2215 and lower.
My strategy with the EUR/USD remains the same. Why should I change? The strength of the euro continues to weaken. I went short at 1.2709. I have not been impressed, for quite some time now, with the euro and, in line with the weakness, my expectations remain the same. I am now below my initial target of 1.25 and will leave this short position open for more downside momentum. My stop loss stays at 1.25.
As always, trading strategies are not actual trading advice and are meant to be educational in nature. Always perform your own technical analysis to support my conclusions.
