Forex Marketz Daily Forex News – Fully Markets Update
EUR/USD (1.28172)
- Resistance Levels: 1.2850, 1.3068, 1.3250
- Support Levels: 1.2750, 1.2620, 1.2501
Looking at the daily MT4 chart above, the Euro finally started to recover versus the U.S. Dollar. After forming a piercing line candlestick the EUR/USD started recovering ground to now challenge the technical resistance at 1.2850. A break, with daily close above this level, will then challenge 1.3068/70 resistance level. Should the EUR/USD reverse course again, and right now there is no clear bearish reversal signals, we would need close below 1.2750 to target 1.2620 and lower.
We should point out that on the daily chart, we are noticing ebbing momentum. Nothing is confirmed as of yet, as we would need a close lower, so we remain near term bullish for a recovery towards 1.30. We should meet some stiff resistance near this level and consolidate at first.
A small trading lesson. Please remember, these are for educational purposes and do not constitute trading advice. I took some profit last week by selling the EUR/USD near 1.3640. I originally bought, a short position, at 1.3505 and will now enter another sale to book the rest of my profits. Why? As I noted above, I am seeing ebbing momentum and I want to protect my downside. My strategy now shifts to a wait and see as I am looking for another opportunity to buy.
