The dollar failed to drag the Euro into the 1.28 area on yesterday and the Euro receovered, extending its gains during today's Asian session. Support is now formed by 1.2950 backed by 1.2930 and 1.2900. Resistance is seen at 1.2990 followed by 1.3015 and 1.3055. Daily momentum is still bearish but losing strength and a close above 1.3 is needed to confirm a reversal. Daily sentiment is mixed. If the 2 intraday support levels at 1.2950 and 1.2930 will hold, we expect a test of 1.3 later today. A break of the said levels will bring the yesterday range of 1.29-1.2950 back in-focus. Current quote is 1.2957 @ 07:07 GMT
Recommended trades:
Long in the 1.2940 area, stop at 1.2910, objectives at and above 1.2985.
