Forex Marketz Daily Forex News – Fully Markets Update
EUR/USD (1.1152)
- Resistance Levels: 1.1360, 1.1450, 1.1540
- Support Levels: 1.1248, 1.1177, 1.1039
- Trade Strategy: Stand Aside
The EUR/USD had been rising the last several trading sessions. The euro hit its highest price level in over two months, stumbled, then fell lower. Please refer to the below daily MT 4 chart.
A daily close below the technical support at 1.1248 will challenge the next technical support at 1.1177. Should the EUR/USD recover and move higher, then we have technical resistance at 1.1360. A break above this resistance level challenges the technical resistance at 1.1450.
Price action is not to clear at this time. There is no strongly defined price action which allows me to enter a short euro trade in line with my bearish outlook on the common currency. For right now, I am opting to stand aside and monitor my charts a bit while longer.
