Markets remained quiet on the back of a light calendar with no important news scheduled for release. Our attempt to buy the euro on its small recovery failed to provide a sustained gain. The British pound however, recovered some losses and traded higher against the U.S. dollar.
Trading may continue to be very quiet as there is no major data scheduled for release today. Traders may have to wait until Wednesday to take advantage of more significant moves. Until then, it might be worthwhile to pocket also some smaller pip-gains.
The euro is formatting a symmetrical triangle in the hourly chart, suggesting breakouts above or below this pattern. The 1.07-mark remains an important support for the euro and once this level is significantly breached to the downside, we might see the euro sinking toward 1.0650 in a next step. However, small relief rallies could prompt the pair for a test of the resistance line at 1.0815, from where dollar bulls might jump in again.
Daily Forex signals:
View our daily signal alerts http://www.maimar.co/category/daily-signals/
Subscribe to our daily signal service http://www.maimar.co/signals/
We wish you good trades and many pips!
Any and all liability of the author is excluded.
Copyright © All Rights Reserved 2015 Maimar-FX.