EUR/USD Holding Above 1st Support At 1.0840/30
Jason Sen | Apr 25, 2017 06:10AM ET
EUR/USD holding above first support at 1.0840/30 keeps bulls in full control to target the March high at 1.0900/04 before the high yesterday at 1.0930/35. This just happens to be important 61.8% Fibonacci resistance so is key to direction. It was the high for the day as we suspected and could hold again on a retest with further 3 month trend line resistance at 1.0945/50. Try shorts with stops above 1.0980 but further gains only run in to the 500 day moving average at 1.1000.
Strong support at 1.0840/30 is a buying opportunity on a retest with stops below 1.0800. A break below here however targets last week's high at 1.0777 then 1.0754/50. If we continue lower look for strong support at 1.0710/05. Try longs with stops below 1.0680.
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