EUR/USD is testing the resistance range 1.1050 right now after having a stable support around 1.0655. The limited uptrend is trying to deceive us by moving up like it is taking off however, I can not see any reason to buy Euro for long term and definitely it is not reversing the fundamental downtrend so, I’ll respect the short term uptrend by buying quickly and lock the profits quickly too. I am expecting EUR/USD to keep on sideline moves in the next week with attempt to test higher resistances around 1.1250 and 1.1450, I am interested to hunt the best short position during the next few weeks.
As I mentioned before EUR/USD still has a minor support at 1.0459 and it tested it once, I am still expecting another test to this support level. Greece’s smoke is lowered by a hope to find a way to end this dilemma.
Today, Fed meeting is not promising with any surprises, I am expecting the same language from the fed and a stress on a near rate hike (suggested June). They want to keep the market on this phase to the maximum time.
The EUR/USD has the following major resistance and support levels:
- RESISTANCE: 1.1250
- SUPPORT: 1.0459
Breaking these levels in any direction will take us higher or lower.
My Daily SELL advice (30 pips stop-loss applied):
- Sell at: 1.1110 – Take Profit 1.1000 (90 pips profits)
- Sell at: 1.1230 – Take Profit 1.1130 (100 pips profits)
- Buy at: 1.0990 – Take Profit 1.1090 (100 pips profits)
This signal is valid during trading week: 29th-30th April and 1st May, 2015