Technical forecast for EUR/USD

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.

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