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Yesterday I was bearish on the Euro and in the end, the USD actually weakened a touch. However, my main focus was on selling the 1.1850 level. Sure enough, we have run into short-term resistance, right around that point.

I’ve been liking the 50-SMA on a number of products and especially the EUR/USD. As you can see on the chart we’ve been able to bounce right off it on a number of occasions. When we have multiple support/resistance factors all lining up, that makes my bias even stronger.

Today I’ll be looking to see if we can scalp off the 50-SMA right around this level. Clearly, the USD is driving the longer-term moves at the moment, but from a technical setup trading, the moving averages have been a good short-term strategy.

 

EUR/USD -240 min Chart.