EURUSD has been stuck in a range from 1.3270/50 up to 1.3395/1.3404 for the past 2 week now. W can trade this range while we wait for a break in either direction.
Resistance is at 1.3395/1.3405 therefore which is proving tough obstacle. A good chance therefore of a high for the day again if tested with the daily stochastic now signalling we have seen a top for this market. However if we do break above 1.3415, the next target of 1.3491 could be achieved.
Yesterday we held just above support at 1.3260/30. It should be worth exiting shorts here and trying longs here once again. We do need a stop loss below 1.3220 however and can try selling in to shorts for a test of the next support at 1.3150/25 which should offer an excellent buying opportunity for today.
Long term levels
1.3491 Weekly 50% Fibonacci
1.3404 Last week’s high
1.3382 100 Week Moving Average
1.3381/86 April 2012 High
1.3284 May 2012 High
1.3257 Last week’s Low
1.3150 Weekly 50% Fibonacci
1.3140 October 2012 high
1.3028 November High
The article was first published by DayTradeIdeas.com
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