EURUSD has been under pressure despite recent push upwards but failed to break out of strong resistance at 1.3100 – 1.30600 zone and remain under pressure. With current price action and technical outlook EURUSD next target zone will be around 1.276 – 1.267 zone. Break out of 1.275 – 1.267 zone at lower end will confirm Bearish move in EURUSD leading to test of 1.200 levels. For traders current outlook provide nice opportunity to Short EURUSD with first target of 1.275 level and break of 1.265 level can provide further confirmation for additional Short positions.
Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial adviser if you have any doubts