Euros finally broke above 1.3045

Fri, Jul 30 2010, 04:56 GMT
by Carol Harmer

EUR/USD

Euros finally broke above 1.3045 and buyers took the market higher for 1.3107 before coming back to re-visit the break point of 1.3045. As long as we can hold above this support today there is no reason why we cannot trade higher. Therefore buy dips to 1.3045, keeping stops quite tight below 1.3035. Cover on rallies to 1.3095/1.3110. Sellers may be waiting here, but will not hold if above 1.3125.

A break above 1.3125 would see further upside moves with 1.3165 then 1.3185 targeted. On moves to these upper levels we should see a bit of profit taking, which would ease the market back towards 1.3100. However we still have this 1.3270 objective that has been there since the break out of 1.2450 and this is still within the buyers minds overall.

So buyers are quite happy to be long on dips....however, if we do lose 1.3035 we then have scope to come back to the 1.3010/1.2999 support initially. If we cannot hold 1.2990 we should trade towards 1.2965/50 which is expected to hold any decline today.

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Published On Fri, Jul 30 2010, 04:58 GMT

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