EURUSD – Bullish Bias – Looking to Buy at 1.3086 stop at 1.3060

by Admin

EURUSD – Contrary to yesterday’s bearish call for sentiment, the overnight losses could not be extended with buying pressure close to 1.3050 resulting in EURUSD trading to the highest level in 6 weeks. If we look to the USD Index chart we can note that this move lower in the USD has paused and a small correction has been posted from 82.09, 161.8% extension level from 83.50-82.92. This should extend slightly higher in a 3 wave correction. Reflecting this back to EURUSD and we look for an initial move lower to get long today. Our 2nd support is located at 1.3082 and, with yesterday’s Marabuzo located at 1.3086, this is a good area to trigger our trade. The call is Bullish Bias – Looking to Buy at 1.3086 stop at 1.3060. The profit targets will be: 1.3120, 1.3160 and towards 1.3219

Support levels are: 1.3086-82, 1.3068-60 and 1.3044