Forex Marketz Daily Forex News – Fully Markets Update
EUR/USD (1.0932)
- Resistance Levels: 1.0954, 1.1262, 1.1512
- Support Levels: 1.0455, 1.0232, 0.9985
- Trade Strategy: Stand Aside and wait for bounce higher to initiate short euro trade
The euro is seeing some short covering and has moved higher against its US Dollar counterpart. Please see the below daily MT 4 chart. Note the bullish piercing line candlestick and corrective bounce higher.
A close above the falling trend line resistance at 1.0954 will target the key pivot at 1.10 then 1.1262. A move below the congestion area that runs from 1.0541 to 1.0455 will challenge the technical support at 1.0232. A daily close below this level opens the doors to challenge parity.
My euro outlook has not changed and remains very bearish. Any bounce higher in the EUR/USD is seen as a correction and a chance to act on another short euro opportunity. Till then I sit patiently waiting.
