The Auto Residence

EURUSD

Trading strategy: small short at 1.2300, stop at 1.2370 (0.5% risk), objective at 1.2200

Downside pressure is high again as the euro is falling across the board – printing record lows against the CHF (currently at 1.3305); also near recent bottom against the JPY and below .8200 support against the GBP – testing support levels formed in 2008. Interim support at 1.2250 is in focus at the time of this writing and a break down may weaken the euro further – aiming the more notable barrier at 1.2150. Short-term sentiment is slightly positive but signals of downtrend resumption are becoming more and more clearer. Current quote is 1.2255 @06:10 GMT

Support: 1.2250, 1.2150 and 1.2000
Resistance: 1.2300, 1.2360, 1.2400 and 1.2450/65
Market sentiment: long term – bearish, medium term – bearish, short term – slightly bullish, intra-day – bearish