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Buy Eur/Usd at 1.2820

Buy Eur/Usd at 1.2820

Joel Kruger, Technical Strategist

The trend has been intensely bearish but if the market can hold up at current levels and close back above 1.2820 on Friday, then it would confirm the double bottom on the daily chart opening a retracement back towards the 1.3000 area. As such, we will buy at 1.2820 for a move to 1.3000. If triggered, stop will be placed at 1.2740. (The Euro has dipped back below 1.2800 at the time this was written on Friday morning ahead of the North American session at 11:15GMT).

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.