If you're looking to sell the EURUSD, this level should be your target.
The British pound has rallied significantly last week to break above the 1.26 handle. However, we started to show signs of hesitation as we closed the week, soIf we were to break above the 1.27 level, then we may see a recovery rally to the 1.30 handle, but that would take some type of massive drop in the US dollar across the board.
For what it is worth, the British pound does seem to be one of the stronger currencies out there over the last two weeks.The euro had a strong move to the upside for a majority of last week but reached close enough to the 1.08 level to see sellers come back in. This is an area that had been previous . The market has been in a downtrend for quite some time, so it’s not a huge surprise to see that we rallied during the day.On the other hand, if we were to break above the 1.09 level, that could open up fresh buying. I don’t see that happening though, so more likely than not, we will see plenty of sellers.The Australian dollar rallied significantly last week to the 0.7150 area. The 0.
If the bond markets continue to lose yield, then it’s likely that the US dollar will lose some of its luster. Underneath, the 0.70 level should offer quite a bit of support.Currently, the pair seems to be comfortable hanging around the ¥100 level, and this suggests that we are going to see a lot of back and forth.
If we can turn around and take out the top of the candlestick from the previous week, then it’s likely that we could continue. On the other hand, if the Canadian dollar drops down below the ¥98 level, we may get a pullback of a couple of hundred pips.
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