The EUR/USD has Bounced: Levels for Euro Open

The EUR/USD has been in a steep downtrend thanks to a strong USD. In Asian trade, we have seen the EUR/USD is the strongest of the majors so far today.

At the time of writing, we are seeing it up about 0.39%, which is about the same as the AUD/USD, if not slightly ahead. The AUD had news today so that is saying we are getting some strength back to the EUR/USD.

As we look to the European open here are the levels that I’m watching:

Resistance: 1.1400, 1.1431, 1.1500

Support: 1.1312, 1.1300

Clearly, 1.1400 is the target that traders will be watching today. I think we can be selling on strong offers below that level. If we break above look for the bids to hold and a push into 1.1431.