Technical forecast for EUR/USD

eurusd

EURUSD hit 1.3315/20 for a selling opportunity & this trade worked perfectly as we dipped back to 1.3255 on Friday. This morning we have broken above 1.3315/25 to reach our next target of 1.3375/80 & topped exactly here. However the pair are in a strong short term uptrend so a break higher cannot be ruled out & could target 1.3400/10. We should struggle here today as we start to look overbought short term but bear in mind if we continue higher we could see 1.3427 before a retest of August highs at 1.3452.

Good support at 1.3325/20 should hold any profit taking at this stage but if we continue lower look for the next support at 1.3280/75.

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