EUR crosses/EUR/USD

EUR/USD outlook: Range trading favoured; crosses nearing support levels

EUR/GBP has very solid support at .7960/70 and buying dips towards there certainly makes sense whilst EUR/JPY also has solid technical support through 101.00 down to 100.50.

EUR/USD itself stalled at a 38.2% retracement level near 1.2915 which will give the bulls some hope. There is of course still very solid resistance at 1.3080.

I have no idea which way Asia will go from the current 1.2970 level but if it moves 50 pips either way then I’d be tempted to enter the market.

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