EUR/USD Key Support at 1.4829

The pair reversed its gains in Asia and Europe as dovish comments from the Reserve Bank of Australia prompted investors to cut their holdings in riskier, higher-yielding assets.

Risk sentiment will be sensitive to stock performance and currency traders will monitor U.S. equities for further guidance.

EUR/USD, could retrace lower from current levels before renewed buying interest emerges.

Key support lies at 1.4829, where demand could build up. However, this level could be overcrowded by stop orders that would extend the pair lower. For Euro bulls, a safer level looks at the 1.4780/60.

A rebound from current levels, 1.4894, would open a retest to the 1.4960 (pivot point), followed by 1.5000 and 1.5045.

Near term Bias remains slightly bullish, but caution is warranted. Preferred strategy looks to buy on dips, subject to the U.S. stocks.

TREND

Near Term: Neutral
Medium Term: Bullish
Long Term: Bullish

Trading levels in play:

Mixed Bias, however, look for possible buy setups at its 1.4829 and 1.4783. There are no solid trade recommendations at the moment for intraday moves.

DISCLAMER: The above post is for information only. Before making your investment decisions please acknowledge that the information provided herein should not be taken without your own individual assessment and extensive investigation, it should not be preempted as your own trading strategies, investment advice and/or trading portfolio.
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