Good evening traders,
I have a post on EURUSD for today. In my last post, I was leaning on the bullish side for EURUSD. I was looking at a potential breakout set-up to the long side. A convicing move did not materialise, instead the EUR/USD pair traded lower. Right now EURUSD is languishing just below the 200-day MA. Bollinger bands look like they are giving a breakout-after-a-constriction signal. Once again, a lack of conviction means I am not going to short EURUSD straightaway. A simple support level of 1.2650 can be found just below price now (in green). Indicators are giving me indication of a bullish convergence – gradual downside in price contrasted with rising values in indicators. I will be positioning myself well in the event the EURUSD takes off. If EURUSD continues to drop – which probably means Europe will be churning out bad news, and risky assets generally fall in tandem – then I am looking at nearest support around the 1.2400 region.
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