Euros opened higher at our 1.1125 resistance and promptly traded lower to 10991.....Now we have seen a recovery in the market but we need again to break through the 1.1095 barrier for 1.1125....Again look to cover longs...
Only re-instate longs if the market can make a break above 1.1125...If we can do this we can start to move higher to 1.1139 and possibly even 1.1200.
Now short term we are overbought so initially going into today's session we would look for the market to come back to the 1.1055/1.1053 support which is 38.25% short term fib...and also the daily pivot....
Daily charts are looking a bit more positive for the Euro...and therefore we would look to buy any weakness to these lower levels...Look then to reverse longs if below 1.1035..A break below here keeps the pressure to the downside and targets 1.0960/55 where is where we look to cover...
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