1.3085 is the key today. This is the 50% fib level, and if sellers manage to break below here, then we are back to within our previous rangy markets with the parameters 1.3080 to 1.2990.
We have made a small double top on the 60 min charts, without going to 1.3208, staying at the 1.3180 area. This should be a negative pattern unless buyers do something and do it quickly to break 1.3208, otherwise, sellers will be back in the market.
We say the recent range of 1.3080 to 1.2990 because there is very little going on in the market and because it is so slow.. The technical indicators we use are suddenly much more pronounced and this is a little deceiving. Today the daily pivot is at 1.3128 and as you can see this has been the overnight high, so we need to see a break above here before buyers will feel a bit more confident.
Now if buyers can make a break above here we would be looking at the market rising to 1.3180, possibly 1.3200 again. As previously stated, our top is at 1.3208. This is a previous high; Only if buyers take the market above here and hold above 1.3208 will buyers head for the next resistance level of 1.3260.
EUR/USD" title="EUR/USD" width="981" height="617">
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EUR/USD: 130.85 Is The Key
Published 07/18/2013, 03:22 AM
Updated 07/09/2023, 06:32 AM
EUR/USD: 130.85 Is The Key
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