Wednesday, October 25, 2006
EUR/USD
The Euro moved higher Vs the US dollar yesterday but couldn't break the resistance at 1.2575 where it established the daily high then declined to 1.2555 where it found intraday support. Higher volatility is expected today due the FOMC meeting in the US and also some european events. Support backs 1.2555 at 1.2540 and 1.2525. Lower, key support is formed by 1.2480. Resistance emerges at 1.2575, 1.2600 and 1.2640. Both daily and hourly momentum are slightly bullish. We will look forward for potential tests of the 1.26 resistance, later.
Recommended trades:
Long in the 1.2540 area, stop below 1.2510, target at and above 1.2600.
Recommended trades:
Long in the 1.2540 area, stop below 1.2510, target at and above 1.2600.
