EUR/USD Current Price: 1.4202 Daily Pivots:
Source: FXtrek IntelliChart™ Copyright 2001-2011 FXtrek.com, Inc.
S3: 1.3917; S2: 1.3997; S1: 1.4076; P: 1.4148; R1: 1.4227; R2: 1.4299; R3: 1.4371
EUR/USD: The EUR/USD’s price action since we hit a low at 1.3837 on July 12th has been range-bound and capped by the tunnel on the chart. As such, we will continue to monitor the “tunnel” as a good level to establish short positions against, looking to take profits at the supporting trend line. This price action could very well spell out triangle consolidation, but we don’t know that for sure. What we do know, is that as long as price is contained within these trend lines, we will trade the range. Only when price breaks lower or higher will we look to become trend focused once again. There are too many competing forces fundamentally with the EUR/USD to see a strong move either way. Time will tell. On the topside, monitor the 1.4245-85 area, for a break above could see higher levels. On the downside, the key levels are 1.4100 followed by 1.4000. For intra-day, follow the pivot points for range trading.
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