In the previous post on the Eur/Usd I highlighted the 1.4918 support level and in today’s trading that level was taken out and the next support level at 1.4818 was tested. The price stopped at the 1.4818 support level now the pair is trading in a range between 1.4900 and 1.4800.
4hr Chart *Note Click on the charts to learn about a charting system.
The trend overall is still upwards however there is currently a pause in the upwards momentum so it will be important to watch this range to see which way the pair is going to move in the future.
If the pair crosses either support or resistance level that could be an indicator as to which way the pair will continue to trend. The recent failure for the pair to take out the the high because 1.5063 could be an indicator that the price might continue to trend downwards. The recent news has been bearish the Dollar but the price still did not take out the highs for the Euro. Keep reading Forex Crunch for the most up to date news on all the major currencies. Today the Geek did an article about the Eur/Usd, S&P 500, Gold and other things.
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