Forex Marketz Daily Forex News – Fully Markets Update
EUR/USD (1.0799)
- Resistance Levels: 1.0970, 1.1184, 1.1317
- Support Levels: 1.0795, 1.0622. 1.0409
- Trade Strategy: Flat. Waiting for bounce for short euro trade.
Looking at the below daily MT 4 chart, we note two things in the EUR/USD Forex market. First the bearish euro undertone and secondly the possible Inverted Hammer candlestick formation indicating a correction against the Dollar is around the corner.
Near term resistance is lining up at 1.0970. A daily close above this level will challenge the next technical resistance at 1.1184. Should the euro move lower, pushing the EUR/USD down, then we need a close below the technical support at 1.0795. Should this happen then we would challenge the technical support lining up at 1.0622.
Right now, price action is very close to a support level. From a reward to risk perspective, entering a short is not a good idea for now. My outlook on the euro is still bearish, any corrective move higher will be a chance to initiate another short euro trade. I am waiting for that opportunity. Trade strategy is flat for now.
