Forex day trading EurUsd Risk appetite has continued to struggle since the Goldman inspired equity market slump on Friday, and EURUSD has also been weighed by the ash-triggered paralysis of European travel networks and the possibility of Greece activating the EU/IMF bailout mechanism appearing ever closer. We are now approaching a critical juncture for the pair, with 1.3370-1.3400 representing the last major cushion of support before 1.3268 levels not seen since 25 March. We see the 3-week uptrend support level coming in around 1.3400, backed up by a former pivot level at 1.3385 –but the crucial line to watch from here is the back side of the former 4-month downtrend at 1.3370. As such, we like the idea of a small long trade on any dip towards 1.3520, with a stop just below those major supports, but remain flexible to reversing this bias should the former downtrend line fail. Levels on the topside are now 1.3568 (50-day moving average), followed by 1.3590, then last Monday's opening highs of 1.3692.
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