EUR/USD

EURUSD

Euros attained 1.3008 on Friday just blipping above the 61.8 med term fib level. We have fallen off this resistance and overnight moves have seen 1.2865. Med term are looking overbought and beginning to turn negative, so we must be careful of longs whilst the market is below 1.3000.

There is scope for this to trade lower with 1.2782/72 looking to entice. Sellers are advised to cover all short positions on moves to these lower levels. Buyers may well come in here as it is quite good support from the 50% fib level. They should hold longs unless we break the 1.2750 region. If we lose 1.2750 then we should see further weakness to 1.2690.

If we cant trade lower and hold 1.2865 we should be o course again for 1.3000. Cover all longs. Re-instate longs above 1.3020 as this would keep the pressure to the topside and leave still the 1.3270 measured target as your upside objective.