Forex Marketz Daily Forex News – Fully Markets Update
EUR/USD (1.1024)
- Resistance Levels: 1.1184, 1.1317, 1.1532
- Support Levels: 1.0970, 1.0968, 1.0622
- Trade Strategy: Stand Aside
The euro has now seen six days of losses versus the US Dollar. We are at a multi-year low, 11 years now. Please see the below daily MT 4 chart.
A daily close below 1.0970 will see the EUR/USD challenge the next technical support at 1.0968. Should the euro recover, pushing this market higher, we note resistance at 1.1184. A daily close above this level challenges the small congestion area at 1.1275 to 1.1317.
Risk to reward perspective, we are too close to a support to warrant a short trade. Plus we have today’s NFP report coming out. This could derail price positioning. Also there are no clear cut bullish reversal signs. For now, I am opting to stand aside and wait for a better opportunity to enter a short euro trade in line with my overall bearish euro outlook.
