EURUSD : Support – 1.2875 , 1.2790 , 1.2730 Resistance – 1.2950/60 , 1.2990 , 1.3050
Markets are pretty loose at the moment (not helped by the gyrations of the Nikkei) and this has caused much consternation and position adjustment after a market came left Wednesday night very confidently long USD. I was no exception and still remain short EURUSD here but concede it does feel like running in quick sand. We have Ifo today and should we see strength I will be forced to act in some shape or form and trim my position – it does seem like there are better USD’s to be long of from here.
Click here to read the full report: FX Daily
Morgan Stanley