Getting ready for trading this week we see the Eur/Usd had a large pull back from the highs but was that just consolidating. One way to find out is to watch the .618 Fibonacci which is where the downward price moved to on Friday. That was at about 1.4166.
So keep your eye at the current support level and that will be an indicator as to which way the pair will move. We could see a bounce off of the fibo level or we could go through that to see more downward movement on the Euro. This could be a bear flag setting up and that would indicate more Euro losses.
I personally have faith in the Euro right not see my article Why the Dollar Will Get Weaker, but I think that might come much later as every one is on a Dollar high right now. Even then I could be wrong, I am a trader and nothing else however I will give my opinion for what it is worth.
Keep your eyes on all the fundamental data this week as this always makes the price move and you can check out this article out Forex Crunch for great info.
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60 Min Chart –
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