EUR/USD daily analysis
|Euro/Usd
I covered the balance of Euros yesterday, and we are up this morning...nudging this 11.1285/90 resistance....There is no technical reason at the moment we cannot break here...However...and this is important...The technical indicators are beginning to be overbought...only the stochastics...the RSI and ROC are still pointing higher and neutral.... but these stochastics on the daily charts do need watching because if they start to turn the Euro will begin to fall...
There is resistance located at 1.1315/25..This was my target, and I think that there will be quite a bit of profit taking at these higher levels...and also I would expect sellers to come back into the market as well...however we shall see...
The Euro has been resilient to be fair...and the first measured target off the base formation is 1.1482...Now this is the first objective....we will talk about the next one if the Euro can hold up...I think initially 11325 will hold...but I am also b believer that until this base formation is broken...we will continue to buy into weakness....
1.1249 / 1.1224 I think will present a good buying opportunity, and I think at this point the stochastics would have eased back a bit...
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.