I wrote in my last post that I was watching the resistance level 14361 which we saw the pair got to near that level and turn around. So that is a strong support level and we could be waiting some time before we go back to challenge that level. However, I will be watching that level with great interest.
I was not able to place a trade this week because when the time to enter for the Euro was a buy signal I was away from my computer and missed the trade. That’s okay, I can’t get all of them. I am thinking that we could see some more pull back from this point as the pair has been moving so much in favor of the Euro in the past couple of weeks. Even though long term I believe that the Euro will continue to gain strength verses the Dollar.
There is going to be a great deal of news out there tomarrow and you need to be ready for the news before it comes out. Do not be caught by surprise because it can ruin your trading and you can make losing trades. A good place to read about the important upcoming news is to check out Yohays Forex Crunch Blog.
I recently came across an interesting article about the dollar that mentions the performance of the Brazilian Real and the South African Rand verses the Dollar I recommend you check it out here. He calls them the heroes of forex.
Winner’s Edge Trading, as seen on: