The market has been moving sideways as mixed economic data has been released this week. Today’s trading moved the euro lower versus the dollar as key support levels were surpassed. The price still has yet breakout which would give us a clear indicator which way the price will be moving. The first level to watch will be the 1.2726 level if the price drops below that we have a target of 1.2672. If that is broken we could see 1.2500. So in your trading be watching these levels as they are good signals as to when to enter a trade.
The market has not made up its mind as to which way it will go. If the price hits current support reverses back to the upside we could see the price rise to 1.4700 which we saw in December when the euro made strong gains versus the dollar.
These are the daily support and resistance levels to use as targets and triggers in your trading:
* S1= 1.2729
* S2= 1.2672
* S3= 1.2585
* R1= 1.2873
* R2= 1.2960
* R3= 1.3017
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