EURUSD: Support at 1.0525 still the key level

Carol Harmer Charmer Trading

SUPPORT: 10523/20 10462 10425 10335 10235 10180* 10010*

RESISTANCE: 10575 10660 10720 10780/90 10850/55 10890 10920 10955 10980 11035

Euros have bounced off support @ 10525 yet again and once more this will be the key...If we can maintain above this area then the market has yet another go at good resistance located at 10660 and 10720....we would look to cover all longs to these higher levels...we would then look to re-instate further longs above 10745 as a break above here keeps the immediate bias to the topside and leaves the way clear for the market to rally back towards the 10780/90 area possibly the 10850 once again...we now this resistance is key...we also know with FOMC coming up Wednesday that this market can go anywhere ...so caution is the way forward until FOMC out of the way....I think this recent sell off in Euros is just a correction and as we still have not broken through any key levels on the downside we would still at this point buy into weakness...short term a little overbought...but we should be able to come back towards the 10540 area where we would be buyers once more....If below 105 look for 10460...go long once more...stops below 10430 and this time we will reverse long trades...

Interested in EURUSD technicals? Check out the key levels

1. R3 1.0580
2. R2 1.0566
3. R1 1.0555
PP 1.0541
1. S1 1.0530
2. S2 1.0516
3. S3 1.0505

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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