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EUR/USD: A Good Day For The Euro?

EUR/USD: A Good Day For The Euro?

Euros did dip below the trendline for a second and then came straight back, closing more towards the daily highs. Given we have tried twice now to break lower and failed, this could be a good day for the Euro and we need to see if we can break the 1.3570/85 resistance band.If we can, we can trade higher with 1.3665/80, then the target over the next 2 sessions. This all depends on being able to break 1.3585.Failure will result in the market coming lower with another assault on the trendline.Now this has beentested twice.If we cannot hold it the third time we shall break and come lower to 1.3370/65.Rememberthis is reversal it can go either way.Technically we are not getting much help as we are conflicting on the charts. We aer looking short term overbought and looking to turn lower. We do have an H&S pattern on the daily charts, which does need to watched.The neckline is at the trendline of 1.3478. M/A’s beginning to show a move lower, so this 1.3570/85 is crucial to the direction that the Euro will go. Med term stochastics still point lower, so I would sell now to 1.3570/85, keeping stops above 1.3600.

EUR/USD” title=”EUR/USD” src=”” height=”535″ width=”1003″ />

EUR/USD Levels” title=”EUR/USD Levels” src=”” height=”535″ width=”1003″ />

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