Forex Marketz Daily Forex News – Fully Markets Update
EUR/USD (1.1183)
- Support Levels: 1.1128, 1.1055, 1.0965
- Resistance Levels: 1.12, 1.1290, 1.1344
- Trade Strategy: Stand Aside
The euro fell like a stone the other day seeing the biggest one day drop in three months against its US Dollar counterpart. Now the EUR/USD Forex market is taking a breather above the $1.11 level. Please refer to the below daily MT 4 chart.
Technical Analysis
Today’s technical analysis sees near term support lining up at 1.1128. This is just above 1.11 support pivot. A daily close below 1.1128 will challenge the next technical support at 1.1055 then 1.1034. The alternative analysis, should the EUR/USD push higher has technical resistance lining up at the pivot located at 1.12. A daily close above this level will challenge the technical resistance level at 1.1290.
Trading Strategy
Even of Greece was not on investor minds as Germany announces they cannot find more funds to help the Greek economy and it now appear likely there will be a default in Greece followed with a them leaving the EU, I would still be bearish euro. With Greece on everyone’s minds, we have forgotten about the common currency zone’s inflation problems and stagnating economies. Now let’s look at technical analysis and talk about today’s euro trading strategy. The EUR/USD currency market is trading in a narrow trading range. There is no discernable price action to warrant a long or short EUR trade in line with my long term bearish euro outlook. For now, I remain on the sidelines monitoring not only my charts, but the news. To me, it makes sense to wait on a more compelling trade to come along.
