EUR/USD: Daily Pivot coming in at 1.1517
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Euros travelled higher yesterday and overnight we have seen 1.1572...now we are back below there...but we are above thr 1.1525...and the Daily Pivot coming in at 1.1517.....and whilst we are above this resistance we would be looking at the market trying once more for the topside... We are oversold on Euros...and the dallies are just beginning to turn positive...Now usually the stock markets and currencies move in the same direction...this has changed...we are seeing stock markets down and currencies up...so you cant use that correlation currently because its not working....
1.1571 was the 38.2 fib level on he 4 hrly charts from 1.1797...so I am sure this is why we stopped here...This period of indicators are overbought... so there is a strong case for Euros to fall today....11517 is not only the daily Pivot it is also the 23.6 fib on the 4 hrly charts...so all will depend on whether we can stay trading above this area...or we break...
Now there is a lot of support around this point....so I would suggest that we buy down to the 1.1517 area...and keep stops then below 1.1495....If we lose this then 1.1470/60 would once more come back into focus... Now as Iv said....1.1572 is the 38.2 fib level....
Now if we range trade for a few hours...this would ease the short term overbought scenario and leave Euros well placed to go and break above this 1.1572 resistance and we would then be looking at 1.1614 to 1.1625 once more...
EURUSD Current Trading Positions
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