EUR/USD

By Carol Harmer

“Euros failed on the topside and overnight we have seen 1.3010 target hit. All shorts have been covered…
we may well see a small bounce off these lower levels, but the market does remain looking weaker
and we view any short term strength as a opportunity to re-instate shorts.
From current 1.3010 support we could move back to 1.3175/85 without too much trouble. A move back to
here would ease the oversold scenario evident on the short term charts and provide a good opportunity to
re-establish shorts. Stops to be kept fairly tight above 1.3245.
So..as stated…we have support at 1.3010. If we lose this support and more importantly maintain below
here there is every chance we will go back and visit the lows of 1.2630/20 overall. Obviously we have
support levels prior this bigger one, and 1.2935 to 1.2880 would offer a realistic target over the next two
trading sessions.”

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