Quote of the day: If all economists were laid end to end, they would not reach a conclusion. – George Bernard
EURUSD
Trading strategy: standing aside
The euro managed to reach 1.2900 on Friday’s NFP release which came at -54k. Although 1.2900 currently caps the upside, the euro is set to strengthen – breaking above 1.2900, and that would be a short-term bullish confirmation. Trading may be quiet today because of the U.S. Labor Holiday but a break above 1.2900 is still possible on lower volume. In case of pullback, look for support around 1.2850 or lower, at 1.2780 if first one fails to hold. It’s quite important that the euro will hold gains above these 2 support levels in order to break above 1.2900 within the coming days, hence opening next target at 1.3300. Current quote is 1.2896 @05:32 GMT
Support: 1.2850, 1.2750/80, 1.2650 and 1.2600
Resistance: 1.2900/20, 1.3000 and 1.3100
Market sentiment: long term – bearish, medium term – slightly bullish, short term – slightly bullish, intra-day – bullish
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Have a good day!
