EURUSD hit key support at 1.2605/00 for profit taking on shorts. Longs needed stops below 1.2585 but we did trade to 1.2582. If however these longs were
EUR/USD Daily Forecast - 08 October 2014EURUSD hit key support at 1.2605/00 for profit taking on shorts. Longs needed stops below 1.2585 but we did trade to 1.2582. If however these longs were held the reward was a rally to 1.2675/85. If we can continue higher today look for a test of strong resistance at 1.2720/25. We are getting overbought short term so a high for the day likely here but shorts need stops above 1.2750. Go with a break higher using 1.2725/20 as support & look for a move towards 1.2760/70 for profit taking. If we continue higher look for a selling opportunity at 1.2800/05 with stops above 1.2825.
Immediate support at 1.2640 & a bounce from here this morning is possible but below here a buying opportunity at 1.2615/05 again with stops below 1.2580. Just be aware that a break below 1.2570 is more negative & threatens the expected recovery, risking a slide to 1.2540/35.
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