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Daily Recommended Trades

EUR/USD

Wed, Nov 1 2006, 06:58 GMT
by Liviu Flesar

InnerFX  |  View company's profile


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The Euro edged higher on the US dollar on yesterday, resuming the uptrend which seems to be aiming towards the first important resistance formed by 1.2830. Support is seen at 1.2750 backed by 1.2730 and 1.2700. Lower, important support is also formed by 1.2660. A potential break of 1.2830 may bring the 1.2870 and 1.2930 resistance levels in focus. Both hourly and daily studies are bullish, dailies being a bit overbought but the quiet Asian sessions and the small retracements are keeping the Euro safe from the high overbought areas. We don't expect 1.2830 to break yet but ranging into the 1.27 area is likely to continue. Current quote is 1.2757 @06:53 GMT

Recommended trades:

Long in the 1.2735 area, stop below 1.2710, objectives at and above 1.2785.

Published on  Wed, Nov 1 2006, 00:00 GMT


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