Technical forecast for EUR/USD

EURUSD4

EURUSD fell to test very good support at 1.3320/10 where we predicted a low for last week. This worked perfectly with a low at 1.3306 & a bounce back to resistance at 1.3377 which is exactly where we topped out. 1.3310/00 could be tested again today & with daily charts becoming over sold, a chance of another bounce. If we fail here we have further support from the 55 day moving average at 1.3275 but below here a test of the 7 month uptrend line support at 1.3230 is likely.

Above 1.3355/60 we can test 1.3390/3400 which could be hard to beat. A high for the day here is very possible but if we break 1.3415 look for 1.3438 then 1.3460 for selling opportunity with a top here expected.

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