| EURUSD 08-03-10 |
EURUSD
After the better than expected NFP on Friday, EURUSD’s sell-off could only push as far as 1.3531 before a surge of strong buying interest kicked in that has continued into the start of this week. We are now back testing the 1.3700 original range highs, but as of yet have not made a challenge on 1.3735 where the pair stalled on the breakout from Wednesday.
For the time being the range still holds, but we believe the break of the former downtrend channel is a significant signal that a bullish reversal is due on this pair. Expect the break of 1.3700 to pause once more at 1.3735 until offers are exhausted, and then next stop above is likely to be 1.3800 resistance (and 50.0% fibonacci retracement of 1.2457-1.5145)
Until a confirmed break out materializes there is very little to add to the discussion on this pair; main support levels on the downside still remain at 1.3425-44 area and 1.3090.
After the better than expected NFP on Friday, EURUSD’s sell-off could only push as far as 1.3531 before a surge of strong buying interest kicked in that has continued into the start of this week. We are now back testing the 1.3700 original range highs, but as of yet have not made a challenge on 1.3735 where the pair stalled on the breakout from Wednesday.
For the time being the range still holds, but we believe the break of the former downtrend channel is a significant signal that a bullish reversal is due on this pair. Expect the break of 1.3700 to pause once more at 1.3735 until offers are exhausted, and then next stop above is likely to be 1.3800 resistance (and 50.0% fibonacci retracement of 1.2457-1.5145)
Until a confirmed break out materializes there is very little to add to the discussion on this pair; main support levels on the downside still remain at 1.3425-44 area and 1.3090.
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