FX Daily Wrap Up

The Euro traded both sides of unchanged today, with sellers helping push price down toward the lower end of the range in the US dealing hours. The Euro traded from $1.3129 to $1.3188, low to high. The Euro has run into sellers around $1.3170 and appears to be overbought on the daily charts. Today’s weak tone going into the close in the US session hints that a turn in momentum may be in the making, as Euro bulls run into resistance and are unable to cross the $1.32 albatross. The past few sessions have left Euro bears and bulls satisfied with Euros changing hands at levels above $1.31. Given the fact that the bulls have been in control of the market since the beginning of last week, it is likely that new weekly highs would lead to yet higher highs as price exploration to the upside has been the predominant activity. Shorts need be cautious of new weekly highs, as that may signal another leg up for the Euro. Resistance comes in at the upper Bollinger band at $1.3176, followed by today’s high of $1.3188, and $1.32. Support is pegged at $1.3120, $1.3190, followed by the 10 day moving average of $1.3088. XPRESSTRADE Analyst, Carl Christensen