EUR/USD daily analysis
|Euros are nudging the base of the range....It is trying to test that DB @ 1.1175...can it get there?...well unlike Cable is not seriously overbought so yes...it can...Now what usually happens with this type of market is that DB usually hold...Triples rarely do...and if they do then it is a very bullish pattern and Euros could easily rally back to 1.14 and possibly 1.15....
Now if we can break below 1.1175, and obviously being such a major level, we have to give more room for stops...but if we can then there is scope for the market to move lower and I would be looking at 1.1080 initially... but the big level on the downside is 1.1020...
I said yesterday that this was the level that decided the trend way back 2 years ago....and so it is always an important level when it gets near...and we are not that far away considering in March we was above 1.14....so just bear this one in mind...
This support has to hold...If it doesn't we would be looking at 1.0855/50....watch also the Euro against other currencies... like Eur/Cad...Euro/Chf...Euro/Jpy....see what these are doing because sometimes you get an idea of what the euro is going to d when you do not just look at it against the greenback $
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