Daily Recommendations on Major EUR/USD

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forextips
156
forextips  
The EUR/USD pair tries hard to build on Friday's recovery, although finds some from broad based US dollar weakness in tandem with weaker US treasury yields.

Currently, EUR/USD trades modestly higher at 1.0458, unable to chew offers lined up near 1.0470 region. The main currency pair clung on to 1.04 support on Friday, and from there staged a steady recovery back above 1.0450 levels, while the recovery gained extra legs in the Asian trades this Monday, mainly driven by fresh selling seen in the US treasury yields, particularly the 2-year yields, which mimics the interest rates expectations.

In terms of technicals, the pair finds the immediate resistance 1.0477 (post-FOMC high). A break beyond the last, doors will open for a test of 1.0500 (round figure) and from there to 1.0529 (10-DMA). On the flip side, the immediate support is placed at 1.0400 (round number) below which 1.0366 (14-yr low) and 1.0300 (key support) could be tested.

Currently the exchange rate of EUR/USD 1.0478.

Our Recommendation:
It is going up in Forex market and it is recommended to buy.


csc2009
835
csc2009  
Thanks for the tips.
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