EUR/USD: Retests Support At 1.1275/70
Jason Sen | Jan 29, 2015 12:59AM ET
EUR/USD failure to beat first resistance at 1.1320/15 sees a retest of support at 1.1275/70. A break lower today targets support at 1.1235/30. Any longs here need stops below 1.1195/90 to target 1.1150/00 before a retest of two-day lows at 1.1113/1.1098. Failure here this week targets 1.1045 then 1.1010/1000. If we continue lower look for 1.0965/62 then 1.0930 and 1.0907/05. A break below here risks the move as far as 1.0845.
Holding support at 1.1275/70 triggers a recovery to 1.1320/25 but above here look for a selling opportunity at 1.1375/85. Shorts need stops above 1.1400 for a move towards very strong resistance at 1.1445/55 & an excellent selling opportunity with stops above 1.1480. An unexpected break higher however sees 1.1455/1.1445 work as good support for a move up towards the next target of 1.1545/50. This should be a very good selling opportunity with a stop above 1.1585.
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