Euros edged higher yesterday reaching overnight highs of 1.3370. We have divergence on the 60 minute charts which suggests we should see some downward moves early this morning. We still have the 1.3380/85 resistance intact and we feel that for the moment this should hold any attack on it.
Support is in the 1.3320/05 area. This also has the Daily Pivot at 1.3320 so if we see a loss of 1.3305 take this as a sign of weakness and re-sell looking for another move lower to 1.3260 possibly 1.3230. Our daily stochastics still point higher, but at dangerously overbought levels. Therefore, this will need to be watched over the next couple of days as we are looking for a turn in the market.
As stated, resistance is up to 1.3380/85. We remain sellers here and would only reverse shorts if the market makes a break above here. If we do break above 1.3385, we look for 1.3425/35.
EUR/USD" title="EUR/USD" width="981" height="607">