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EUR/USD 10th March
| Support Levels | Resistance Levels | Remarks |
|---|---|---|
| 1.2580 | 1.2720 | Medium term Outlook is Bearish |
| 1.2450 | 1.2950 |
COMMENTS:
Euro has been taking the short term trend-line support (1.2580) and is currently pressing around the 1.2720 cluster resistance. Overall outlook for the economy remains bearish, however with the daily stochastic yet to reach the overbought region, slight upside could be witnessed. Break above this important cluster resistance can take Euro to the next resistance zone of 1.2950 (55 Daily EMA).
STRATEGY:
Shorts can be initiated around 1.2720 for 50-60 pips. Further shorts could be considered around 1.29 levels for 100 pips.
About the author
India Forex Research Team. India Forex Advisors Pvt Ltd
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Disclaimer: These views/ forecasts/ suggestions, though proffered with the best of intentions, are based on our reading of the market at the time of writing. They are subject to change without notice. Though the information sources are believed to be reliable, the information is not guaranteed for accuracy. Those acting in the market on the basis of these are themselves responsible for any profits or losses that might occur, without recourse to us. World financial markets, and especially the Foreign Exchange markets, are inherently risky and it is assumed that those who trade these markets are fully aware of the risk of real loss involved.
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