Forex Marketz Daily Forex News – Fully Markets Update
EUR/USD (1.2496)
- Resistance Levels: 1.2560, 1.2620, 1.2685
- Support Levels: 1.2480, 1.2435, 1.2360
The euro continued its advance versus the dollar today but has found resistance near 1.2560 and failed. Please refer to the above daily MT 4 chart. We need a break and daily close above 1.2560 before we can challenge 1.2620. As expected, this key technical level is proving to be a difficult level to break. A confirmed failure here, will send the euro back lower to challenge 1.2480. A break below this level with daily close opens the doors to test 1.2435.
Let’s discuss some trading strategy. Basically my outlook remains bearish with the EUR/USD. I went short at 1.2709. I have not been impressed, for quite some time now, with the euro and, inline 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 for educational purposes and do not constitute trading advice. Please do your own technical analysis as well.
