Choppy conditions for EURUSD. Get our Forex signal here -
reach the support level at $1.0707 today, but would probably not getThis was a great call, as I was not only correct about this trade but also that it was best taken as a scalp, as the overall profit was not very large.
The technical picture has changed over the last week or so, from clearly bearish with a strong Dollar and a weak Euro – both backed by fundamentals and sentiment – to a choppier picture. The price chart below shows the price is basically chopping around between $1.0625 and $1.0800. However, there are some support and resistance levels within this area.
As the price looks likely to remain within this consolidation range, the best strategy will probably be to trade reversals from any price extremes which are reached, especially the levels at $1.0626 and $1.0796, although these are unlikely to be hit today. There could be smaller opportunities to scalp reversals at other, closer, support and resistance levels, but such trades should be entered with smaller positions and monitored carefully on a short time frame.
Regarding the USD, there will be a release of Preliminary GDP and Unemployment Claims data at 1:30pm London time. There is nothing of high importance due today concerning the EUR.Top Forex Brokers
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