Daily Forecast - 07 August 2014
EURUSD
EURUSD hit our downside target of 1.3355/45 for a short term buying opportunity with stops below 1.3320. Exactly as predicted we saw a recovery to our first target of 1.3380/85 for a 30 pip profit & topped exactly here. However today's outlook remains positive & we look for a test of resistance at 1.3415/20. A high for the day expected but shorts need stops above 1.3435. A break above 1.3445/50 then targets resistance at 1.3470 for a selling opportunity with stops above 1.3490.
Use 1.3355/45 for a short term buying opportunity with stops below 1.3320 again today. However a break lower targets November lows at 1.3295/90 then excellent longer term Fibonacci support at 1.3250/40. Any longs here this week need stops below 1.3220.
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