Euros finally broke out of the range on Thursday...and should now trade lower...Now our previous lows on 26th Jan was 1.1098....so this is our short term downside risk..We have resistance located at 1.1209/1.1221 and I think we could gravitate towards this resistance quite early in the session.
Short term we are oversold...and this should help drive the price higher initially...Now we do have this 1.1209/1.1221 area that sees quite a bit of resistance...so unless we break 1.1230 we should still be looking to sell for another attempt at the 1.1098 lows...
However...if we do break the 1.1250 barrier....and stay there we could see the market come back a bit towards 1.1300/1.1330....but this should be the top of any corrective move higher...Stay short on rallies...as there is nothing being seen currently that detracts from Euro weakness...
Below 1.1080 leaves 1.1015 seen as a short term objective...
Short term we are oversold...and this should help drive the price higher initially...Now we do have this 1.1209/1.1221 area that sees quite a bit of resistance...so unless we break 1.1230 we should still be looking to sell for another attempt at the 1.1098 lows...
However...if we do break the 1.1250 barrier....and stay there we could see the market come back a bit towards 1.1300/1.1330....but this should be the top of any corrective move higher...Stay short on rallies...as there is nothing being seen currently that detracts from Euro weakness...
Below 1.1080 leaves 1.1015 seen as a short term objective...
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