EURUSD has found support at 1,3480 and bounces upwards to test important resistance levels at 1,3570-90. We believe that resistance is very strong at this area and we should expect this pair to move downwards and test the 1,3515 support. Short term support is found at 1,3515 and 1,3480. Breaking below these levels we should expect a move towards 1,34 where the longer term trend channel is going to be tested.
The longer term trend is up as long as prices trade above the green trend line. However the current price formation shows a consolidation between 1,35-36 and if support fails, then we should expect EURUSD to test the green trend line. In the shorter term, prices are reaching important resistance levels at 1,3570-90. Breaking below the short term upward sloping trend line, will push prices towards 1,35 support. If the red horizontal support line is broken then we should expect to see 1,34.
Concluding we favor short trades near the 1,3570-90 resistance levels with 1,3606 stop and if support fails at 1,35 we should expect a downward move towards 1,34 at least. For more help trading EURUSD and a view of my trades and detailed analysis, become a subscriber.
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