Yesterday we ground higher, reaching 1.3457. Now the short term charts look a little overextended on the topside and as you can see we have nearly reached the short term 76.4% Fib level at 1.3463. This is good resistance through to 1.3470/75. We do need a break above here to attain further strength.
We may see a little bit of a downward move early in the session back towards the 1.3417 Daily Pivot, possibly 1.3400 but if you look at the daily charts you can see that we are looking to turn positive on this timeframe so bearing this in mind we are looking to buy into weakness.
1.3400 seems a reasonable place for the market to correct down to and here I believe buyers will be waiting. They will hold longs unless we post a break of 1.3365. If we do break this support then obviously we are on the downward path again short term and 1.3295 will be the target.
Now if we can overcome 1.3475 that will send a signal to the market that we are going to be trading higher and we would be looking at 1.3550/55 as a realistic short term objective.
EUR/USD" title="EUR/USD" height="604" width="966">
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EUR/USD: A Correction At 1.3400?
Published 11/13/2013, 03:32 AM
Updated 07/09/2023, 06:32 AM
EUR/USD: A Correction At 1.3400?
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