The euro has slowly come higher and we hit the 61.8 short term Fib at 1.2939. Short term charts are looking a little overbought, so we should see the market come lower as we initially go into the European open. Our 4hrly charts are entering overbought territory as well, and this would be another reason for the market to stall...
However, we look to our daily charts and they are looking to turn bullish, so we go into today's session looking to buy into any weakness. We have small trendline support at 1.2880 and our Daily Pivot at 1.2893, so we need to see what the market does on weakness to these lower levels. If we can hold 1.2880 then we are going to trade higher and break the 1.2950 barrier. Once we can do this we expect the market to rise and are looking at 1.2980/90 as your first target. Cover longs to here. Re-instate longs above 1.2980 for 1.3020 to 1.3045.
Now if we fail to hold over 1.2880 we see 1.2840/30 as a short term objective. Here we look and see if our stochastics have pulled back from overbought....If they have this support will hold.
EUR/USD" title="EUR/USD" width="983" height="615">
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EUR/USD: Looking To Buy Into Weakness
Published 05/22/2013, 08:02 AM
Updated 07/09/2023, 06:32 AM
EUR/USD: Looking To Buy Into Weakness
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