Technical forecast for EUR/USD

eurusd4

EURUSD broke lower but bounced just above next support at 1.3195/90 & rocketed to resistance at 1.3335/40 with a high for the day expected. Stops above 1.3365 were not triggered so shorts are looking for a test of support at 1.3326 today. Below here use 1.3305/00 for profit taking on shorts. Any longs here need stops below 1.3280 but we can try longs again at 1.3265/60 with stops below 1.3240.

Short term we do look positive so a break above 1.3365 cannot be ruled out and could target 1.3400/17 highs & a selling opportunity here. Exit longs & try shorts with stops above 1.3440.

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