Daily Forecast - 11 July 2014
EURUSD
EURUSD hit strong Fibonacci & trend line resistance at 1.3650/55 where we expected a high for the day & as predicted the pair topped exactly here. We could see pressure remain to the downside today & below 1.3605/00 could lead to a retest of support at 1.3575/70. A break lower cannot be ruled out & could target a little support at 1.3550. If the pair continue lower look for 1.3535 then June lows at 1.3501.
Immediate resistance at 1.3625/20 could hold a move higher today but above here a selling opportunity again at 1.3650/55 & a good chance of a high for the day but we do need stops above the 200 day moving average at 1.3675. Only a break & CLOSE above here turns the outlook positive short term & targets the June/July high at 1.3695/3700.
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