EURUSD Technical Analysis on Daily Chart – 7th January 2016
EURUSD – The euro dollar broke below the triangle and is now trading below the Pivot. The bears are in control at the moment but yesterday’s candle showed some respite with the bulls coming in to defend the 1.07 level.
We might see the pair testing Pivot in an attempt at retracement but any pull backs at this moment will be seen as an opportunity to short this pair at a higher level.
Key support is seen at the 1.05 level. Only above Pivot would we start looking at bull camp. At the moment, bears are dominating as the environment is also predominantly risk off in nature with the stock markets falling and the yen gaining strength.
Good luck to your trading.