EURUSD turns higher today after four consecutive days with losses, breaking above the 1.11 mark that opens the way for a visit to 100 hour moving average at 1.1136, after Eurozone June current account balance came in at €18.4 billion vs the previous reading of €29.7 billion.
Bears are still in control now as the pair trades below all the major daily moving averages. The pair will meet support at 1.1088 the daily low and then at 1.1069 the low from August 2nd, before an attempt to 1.1026 the yearly low. On the upside immediate resistance stands at 1.1109 today’s high and then at 1.1136 the 100 hour moving average, a break above can lead prices up to 1.12 zone.
Intraday traders might enter a long position if the pair manages to break above the 1.1109 top targeting the 1.12. A stop loss to 1.1069 must also be placed for reducing the downside risk as that will signal possibly a move down to 1.10 area.
A short position targeting the 1.10 mark can be initiated if the pair cross below 1.1088 daily low, with a stop loss order at 1.11. In the case EURUSD breaks below 1.1169 the downward move might accelerate down to 1.1026 yearly low and then at 1.0950.Don’t miss a beat! Follow us on Telegram and Twitter.