Euro May Test Resistance Line At 1.0820/30

The British pound knew only one direction yesterday: Upwards. U.K. employment data came in mixed, whereby wage growth slightly missed the market’s expectations, but sterling continued its recent recovery against the greenback and traded significantly above 1.52.

It was not a good day for euro traders. The euro traded consolidated between 1.0775 and 1.0705 and failed to show any profitable momentum. As long as there is no catalyst pushing the pair into a clear direction, the EUR/USD could be trading in a sideways range. If the currency pair is able to break above 1.0790 we see next resistances at 1.0810 and 1.0830. Current supports are seen at 1.0705 and 1.0680.

EUR/USD: With prices above the current trading range, the euro may head for a test of the resistance line at around 1.0820/30, from where reversals may become more likely. Fresh bearish momentum is likely to increase with a break below 1.0680/70.

EUR/USD 4-Hour Chart

There are no major important reports due for release today. U.S. Initial Jobless Claims, scheduled for release at 13:30 GMT could only have a limited impact on the U.S. dollar. Furthermore, Fed presidents Bullard, Evans and Dudley are due to speak on economy and monetary policy.

Here are our daily signal alerts:

EUR/USD Long @ 1.0790 SL 25 TP 30-40 Short @ 1.0735 SL 25 TP 20, 50 GBP/USD Long @ 1.5265 SL 25 TP 35 Short @ 1.5175 SL 25 TP 40

We wish you good trades and many pips!

DISCLAIMER: Any and all liability of the author is excluded.

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