MarcPMarkets

EURUSD SITTING ABOVE MAJOR SUPPORT. WILL IT BREAK?

FX:EURUSD   Euro/U.S. Dollar
Do not be fooled by the hype. There is a lot of bearish sentiment on EURUSD             . On the broader time horizon fundamentals may support a more bearish view, but the world is not the simple. From a technical view, there is a short term support area at the 1.3500 level area. Any retracement back into the major support zone of 1.3512 - 1.3460 area is where I will look for long confirmations. If price closes below 1.3450 with conviction, I would then reevaluate this long scenario. 1.3450 is a good reference point to gauge risk from. If price can bounce out of the support zone , the first target I would watch for is the 1.3570 area which is an old historical support, now a resistance. If price closes above there aggressively, a push into the low 1.36's is more possible. Keep in mind a trade at this magnitude can take days to unfold.

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Marc Principato | http://www.Priceactiontraders.net
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