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EUR/USD: Euros Trading Higher

ByCarol Harmer
Published 05/30/2013, 09:19 AM
Updated 07/09/2023, 06:32 AM
EUR/USD
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SCOP
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Euros have been trading higher this past few sessions, and there is scope for further strength this morning. We look for a move to 1.2990/1.3010 and here we take profits on any long positions held.

From here we would expect a pullback and we would be looking at the market coming lower to the 1.2925/18 support area. We would expect the market to hold this support and therefore we advise any sellers to cover shorts to here and for buyers to enter the market. Med term charts remain pointing higher as do the 4hrly charts. Your Daily pivot is at 1.2918 and this will act as a swing area for today . Given we are still pointing higher we would expect this support to hold.

So we have resistance in the 1.2990/1.3010 area. If then we see a break of 1.3020 we would expect buyers to come back into the market as it would be likely that the market will trade higher and we would be looking at this coming higher for 1.3045/50 initially. Above here sees 1.3075.

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