Will Eur bounce hold above 1.0660?

FX:EURUSD   Euro / U.S. Dollar
44 2 1
My take is no. I think there was some strong USD selling in Asia that got a bit carried away. Watch for 1.0667, the 50% retracement was guidance. If we bounce there, I might have to re-evaluate my short over the short-term.
The 50% retracement of today's Asian openning bounce at 1.0667 is still the arbiter of trend. Historically, 8:45 am is the peak of negative price action in EUR/USD with a reversal beginning at 9:43am. Will watch this level going into the 10am hour for directionality.
I'll wait for signs of weakness at 1.0710 level during London/NY Session before concluding that it can't go higher. But if it does push against resistance, I'm looking at 1.0770 to 1.0800 to add to my shorts.

Cheers :)
+1 Reply
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