The Eur/Usd moved up to test the 1.3700 area in early trading to make a breakdown in early trading during the London session. The downward move continued through the NY trading session as well. The price finally stalled out at about the 1.3500 support area. Every time there is a rally it gets pulled back rather quickly. The current resistance level to watch is 1.3700 and the support level is 1.3450
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Make sure that you read the news regarding this pair as there is a great deal of news happening this week. If there is going to be a turn in this downward trend there might have to be some corresponding positive news for the Euro that will help this pair rebound. This downward trend is not over yet and I will be selling all upward moves until the market proves that the trend is over.
Read Forex Crunch for information regarding all the upcoming news regarding this pair and all the majors.
Also to get another view on the Eur/Usd read The Geek Knows.
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