“INDICATOR OF THE DAY” - PSYCHOLOGICAL BARRIERS
The most significant levels to watch over the coming session will be the psychological barriers that are now approaching in Eur/Usd, Gbp/Usd and Aud/Usd. The Euro is looking to test 1.4000, while Cable and Aussie are quickly approaching 1.6000 and 0.8000 respectively. There are often major stops-losses built up on the other side of these levels and the markets have a tendency to test psychological barriers more often than not. However, once broken, there is always good opportunity to counter-trend, especially when the markets are already overextended. We would recommend looking to sell the Euro on approach to 1.4100 today.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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