Trader_97

EURO/DOLLAR FINDS SUPPORT @1.0570 AREA

FX:EURUSD   Euro/U.S. Dollar
52 0 2
Euro             managed to bounce back from support @ 1.0570 area and tested the 0.236% area resistance @ 1.0616 area and went as high as 1.0642 just shy of that 0.382% retracement level but we closed back above the 0.236% retracement leave with a nice engulfing candlestick against the Dollar.In my opinion we may just have carved a bottom at 1.0570 area and we may continue to head higher within the wedge like structure until we find a decent area for a top formation.You can try and enter long for short term with a stop just under the 1.0570 area support and try and catch 25-50 pips here.The pair is likely to continue trading within the structure until a breakout concludes it.In that case Short term resistances to watch out for would be 1.0688-1.0716 and 1.0774 area.On the downside Support levels with the exception of 1.0570 would be 1.05224 , 1.0478 and 1.0420 area. Prices are still well below the 100 day SMA and 50 day EMA .
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