Euro Directions

Daily Forex Technicals | Written by FX Solutions | Jul 30 08 16:48 GMT |

The Euro is approaching critical technical supports: at 1.5500-15 an up trend line going back to last August (never broken) ; at 1.5410-20 the 38% Fibonacci retracement from the February run up ; at 1.5380-90 the 23% Fibonacci from the entire post August move . If we get close to 1.5400 the market will treat the two Fibonacci levels as one. There should be sell stops in that area. Traders will probably wait until GDP tomorrow and perhaps NFP Friday before acting. It could get interesting. Joseph Trevisani FX Solutions IMPORTANT NOTICE: These comments are for information purposes only. Past results are not necessarily indicative of future results. Trading Futures, Options on Futures, and Foreign Exchange involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time. The information contained on this email does not constitute a solicitation to buy or sell by FX Solutions,LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. (Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; downtrend lines in red; horizontal support/resistance lines in yellow; 200-period simple moving average in light blue.)