Today’s technical forecast for EURUSD

EURUSD held on to the 1.3300 level and we have raced higher again. The 100 week moving average at 1.3382 could pose a problem and we have resistance again at 1.3395/1.3405 which should remain a very tough obstacle. A good chance therefore of a high for the day again if tested but if we do break above here the next target of 1.3491 should be achieved this week.
1.3310/00 is support today of course but if this is broken we should see a move towards 1.3260/30. Exit all shorts and buy in to longs here expecting a good bounce. We do need a stop loss below 1.3200 however for a test of the next support at 1.3150/25 which should offer an excellent buying opportunity.

Jason Sen began his career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successfully made the transition to day trading on computer screens. Jason always had an interest in technical analysis throughout his trading career but began to study this area in depth from 2006. www.daytradeideas.com has established itself as the leading provider of... More