EURUSD – Expect another leg lower in choppy trading

by Admin

EURUSD – Bearish Bias – Looking to Sell at 1.3052 or a break of 1.3020 (35 pip stop)

EURUSD – Although a rally was posted in EURUSD yesterday sellers emerged at the intraday 161.8% extension level of 1.3081 (from 1.2954-1.3033). This coincided with the daily Ichimoku Cloud cover of 1.3077.
Selling from this resistance ‘zone’ resulted in all the initial rally being overturned. Looking to the USD Index again today and there is ample scope for another corrective leg higher (in c wave). Back to EURUSD, with rallies being rejected we look to sell into gains

Support levels are: 1.3024, 1.2987 and 1.2928

Resistance levels are: 1.3052, 1.3070 and 1.3092