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Forex Pub Report, October 26, 2005 |
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If the Euro peaks above yesterday's high, look for it to head towards 1.2200 or higher.
...and the experts say...
(saxo.com) EUR/USD snapped higher yesterday - avoiding a meltdown through support
once again. WIth the combination of developments in the fundamental
data and potential event risks this week for the White House, the
upside still seems the side of least resistance. A move through
yesterday's highs could see the pair on to challenge the next
resistance area around 1.2200 - though the top could get blown off here
towards 1.2500. A close back below 1.2000 would seem the only chance
for the bears at this point.
Trading stance: buy on dips with stops below 1.2000 for a significant move higher
(more)
(ac-markets.com) EURUSD: Our bullish Dollar view was stopped yesterday with the break of
the 1.2045 level in yesterdays afternoon and a daily close above
1.2100. This morning a high of 1.2140 was reached but the market
quickly reversed for a first test of support levels. Initial support
1.2075 and pivot 1.2040 should hold, while above this try to buy. Of
course it is thinkable that this latest reversal will be as short-lived
as the spike up we saw on 4/5 October, but for now we will bet on
further ascension with target 1.2220 next. Only a return below 1.2035
may once more cause us to reverse, support levels 1.2000, 1.1930,
1.1885 resistance today at 1.2140, 1.2170.
(more)
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Forex Report