The euro has been resilient of late but that resilience is being put to the test after the German elections
EURUSD has dropped to test a recent support area around 1.1860/65. This is one of those levels that has been tested a lot recently but we’ve failed to hold a close below.
When we have slipped under this level, the falls have been quickly taken up by buyers and we’ve gone back up.
As I write we’re pushing the level again and a break could see a slip down to the 1.1820/30 area. The way the PA is looking right now, there’s a strong possibility of a break and perhaps some stops run under 1.1860. Two of my colleagues K-Man & Horatio are currently holding shorts and they’re looking good.
I’m maintaining my long-term long positions and I’ll be looking to add on any dips into the low 1.17’s both to add to those longs and as a shorter-term play, depending on what news that took us there if we go there.