EUR/USD’s Test of Major Support Offers Scalping Opportunity
Key Technical Levels
Euro bears have started to lose conviction with the pair testing the 61.8% Fibo of 1.2444-1.5149 at 1.3481. The golden ratio of the 2009 rally is a monumental technical level and a major catalyst may be required to lead to a break below. The current range of 1.3480-1.3800 continues to lasting ability and is providing traders with solid target levels. Trend line resistance could slow any potential retrace considering prevailing uncertainty which favors a period of consolidation and an ideal scalping environment.
The Bollinger band width for the EUR/USD has remained relatively narrow at 311 pips adding to its attractiveness as a scalping target. The current range has decreased variation, reducing risks for high frequency traders. An ATR of 127 pips is one of the highest amongst the most traded pairs.
To Discuss Scalping Strategies and Get Tips From Other Traders Visit The Scalping Forum.
To discuss this report or be added to the email list, contact John Rivera, Currency Analyst: firstname.lastname@example.org
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.