EUR/USD Turns Ahead of Key Support
Euro is poised to mark a reversal just pips ahead of key support today at 1.0782/86- a region defined by the 38.2% retracement of the April rally, and the 200-day moving average. Note that former slope resistance is also offering support here and further highlights the significance of this zone.
Shorts at risk while above this threshold heading into the monthly close. Resistance steady at the 1.618% at 1.0895 backed by 1.0933/39- look for a larger reaction there IF reached.
A break below 1.0782 would threaten a test of the April trendline (currently near ~1.0740s)
Michael Boutros
MBForex
Shorts at risk while above this threshold heading into the monthly close. Resistance steady at the 1.618% at 1.0895 backed by 1.0933/39- look for a larger reaction there IF reached.
A break below 1.0782 would threaten a test of the April trendline (currently near ~1.0740s)
Michael Boutros
MBForex
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