The Euro’s sharp bounce from last week’s low at 1.0636 saw the shared currency hit 1.1147 overnight before finishing in New York at 1.1143. In early Sydney, the risk-off stance saw the EUR/USD pair ease to 1.1105 before settling at its current 1.1115. The Dollar’s weak finish on Friday was against the Majors. The EM currencies extended their sharp falls against the Greenback. What this tells this writer is to expect more two-way price action in the Majors.
EUR/USD has immediate resistance at 1.1150 and 1.1165, followed by 1.1200 and 1.1230. The 1.1200 area should prove formidable. A clean break above 1.1200 could pave the way for 1.1500. Immediate support can be found at 1.1100 and 1.1050. Strong support lies at 1.0950. A break below 1.0950 could see this uptrend finish.
Be flexible and look to trade a likely range today of 1.1030-1.1170. Just trade the range shag on this one.