EURUSD: Heading towards critical resistance area
EURUSD is heading for 1.1290-1300 area where multiple technical resistance indications are gathered as seen in the chart.
We believe that the breakout from this area without prior retracement is difficult so we will test this assumption with Sell orders at 1.1295, setting the stops above 1.1330. Our initial target will be 1.1260.
If a retracement occur before 1.1280 towards 1.1250-55 we will try Buy orders targeting the 1.1290-00 area, setting the stops below today's lows
We believe that the breakout from this area without prior retracement is difficult so we will test this assumption with Sell orders at 1.1295, setting the stops above 1.1330. Our initial target will be 1.1260.
If a retracement occur before 1.1280 towards 1.1250-55 we will try Buy orders targeting the 1.1290-00 area, setting the stops below today's lows