EUR/USD: Go Long Only If Key Resistance At 1.0565 Is Broken

Last week EUR/USD broke 1.0565 and once this occurred we came down to our 1.0465 target. Shorts covered, and now we have seen a very small double base form on the 60 min chart, so there is scope for correction at the start of this week.Once the daily pivot of 1.0531 is broken, this could then take us to the next resistance point at 1.0565. Here cover longs, you only want to go long if 1.0565 breaks.If we can break this barrier we look for the first medium term fib at 1.0689 as our target. Now all this depends on being able to break above 1.0565. If we fail to do this look for another assault at 1.0465. Cover shorts as before as we are only selling below 1.0450. A break below this level keeps the pressure to the downside for then to go to 1.0399 and then to 1.0365.

EUR/USD Daily Chart

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