Forex Marketz Daily Forex News – Fully Markets Update
EUR/USD (1.0966)
- Support Levels: 1.0865, 1.0815, 1.0740
- Resistance levels: 1.0979, 1.1038, 1.1127
- Trade Strategy: Stand Aside
The EUR/USD Forex pair is trying to bounce higher. Looking at the below EUR/USD MT 4 chart, you will note the euro tested the five month rising trend line, found support and bounced higher.
Technical Analysis
Let’s look at today’s EUR/USD Forex technical analysis. There is technical resistance lining up at 1.0979/80. A daily close above this technical level opens the doors for a challenge of the next technical resistance level at 1.1038. The alternative EUR/USD technical analysis, should the euro turn lower, thus depressing this Forex market notes support at the rising trend line. This technical support comes in at 1.0865 to 1.0887. A daily close below this technical area challenges the next cluster zone that lies at the May 27 low at 1.0817 to 1.0815.
Trade Strategy
Let’s now look at my trading strategy for the EUR/USD Forex market. There is little in the way of event risk on today’s economic calendar. At the end of the week, the Eurozone will release its second quarter gross domestic product (GDP) reading. With little or no event risk, expect the Forex markets to drift. There should be little price movements in either direction. With that said, I need to rely more on my technical analysis and charts for a trade decision. The trading range in the EUR/USD Forex market is very narrow. There is no trade setup for either a long EUR or short euro trade in line with my long term bearish outlook on the single bloc currency. Keeping everything in mind, I will opt to stand aside today and monitor my charts for a more opportune trade setup to come along. For today, I am flat in the EUR/USD Forex market.
