Forex Marketz Daily Forex News – Fully Markets Update
EUR/USD (1.2373)
- Resistance Levels: 1.2430, 1.2605, 1.2690
- Support Levels: 1.2290, 1.2145, 1.1970
The euro continue to shrink as traders were not very impressed with what Mario Draghi had to say after the ECB rate decision. We are now near a two year low and well below 1.25.
Let’s look at the technical analysis. Please refer to the above daily MT 4 chart. We are now eyeing levels below 1.23 and need a daily close below 1.2290/1.2285 to challenge the key technical support at 1.2145. What do we need for a bullish reversal at this point? A daily close above 1.2430 would challenge 1.25. We need to close back above 1.25 to then target 1.2605. Ultimately, we need to be back above 1.2850 for a strong recovery.
Today’s trading strategy e has not changed. I went short at 1.2709. I have not been impressed with the euro strength in quite some time and the weakness is in line with my expectations. 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 1.2705 to capture break even.
Remember, trading strategies are educational and do not constitute trading advice.
