Euro Finds Support On Positive Earnings
My long EUR/USD trade last week was able to generate profits as the pair had a three day rally, but trend line resistance would lead me to close the position. The pair is back marching higher as earnings season is generating risk appetite but I would be reluctant to get long again before a break above resistance at 1.2725. A rising channel forecasts a test of support near 1.2370 but we have seen 1.2500 limit downside momentum. Therefore, I will wait for a break of the psychological level before taking the bearish position. I remain cautious as a slew of positive earnings could continue to fuel bullish sentiment.
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