Tuesday, October 24, 2006
EUR/USD
The Euro declined yesterday giving away most of its previous week gains. Support was found at 1.2540 but if it breaks then expect 1.2480 to be tested soon. Major medium term support is formed by this 1.2480 and it won't be an easy for the US dollar to break it. Resistance is currently formed by 1.2575, 1.2600 and 1.2640. Daily momentum lost strength while the hourly is neutral. Good luck trading!
Recommended trade:
Short in the 1.2570 area, stop above 1.2600, target 1.2520.
Recommended trade:
Short in the 1.2570 area, stop above 1.2600, target 1.2520.
