EURUSD forex technical analysis
Despite a 5 pip dip under 1.0500, we finally saw a bottom put in place after falling over 200 pips yesterday
The broken support at 1.0560 became resistance after the initial fall to 1.0510 and much to Eamonn's joy, held most of the way through Asia.
EUR/USD 15m chart
The bounce so far is looking less than spectacular, as many of them have over the last few months. There's been decent demand in European bonds again today and stocks are showing marginal gains but there's been no accompanying euro selling so far.
There's no meaningful resistance until 1.1290 but there are some minor levels to the upside.
EUR/USD 30m chart
1.0665 is the first band if we get over 1.0640. Then we'll get some around 1.0690/700. 1.0760 was the August 2003 lows we carved through so easily on the way down. They may hold a bit more sway on the way up. The rest of the levels worth watching are on the chart (except for one I've missed around 1.0130/35).
This could be a pause before taking another leg lower so if you're in longs from the bottom then I'd look to keep them tight. We're seeing support at 1.0580 and then 1.0560 will be in play once again. 1.0500 is another line that if crossed, could tip us over again.
