FX.co ★ Trading recommendation on EUR/USD for October 31, 2014

The pair drifted to the previous low's on an intraday basis, but at the end of the day it recovered most of its losses. The pair managed to closed above 1.2600 levels. In the current month, only one trading left. To regain mild strength today, bulls must close above the 1.2631 levels. On the down side, the pair has major support at 1.2500, below this panic will be triggered. As we recommended on the October 28th article, selling below 1.2660 gave good money. For the longer-term view, we still recommend selling on every up move for a down side with the target at 1.2220 initially, later at 1.20 and maybe 1.1875. For an Intraday view, we recommend selling below 1.2595 with the targets at 1.2585, 1.2575, 1.2550, and 1.2510. The pair has hourly support at 1.2597 35DEMA, resistance exists at 1.2632. We can see a minor upswing in case if the pair breaches above 1.2632. We recommend buying above 1.2635 with the targets at the 1.2653 and 1.2660 levels. Selling on every rise will mint the money.

Trade: Selling below 1.2595