EUR/USD daily analysis

Carol Harmer Charmer Trading

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...

Author

Carol Harmer

Charmer Trading

Carol Harmer has over 39 years experience of analysing and trading the world's markets and is undoubtedly one of the most respected technical trader in the world today.

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