The Eur/Usd has finally hit 1.5000 I actually mentioned this quite a while back in this post here. So now we are finally here, what happens from here? The current up trend has been very strong and that could continue for a long, long time. However I recently heard one person comment and say that the war is not over yet. It appears that every one and everything is against the Dollar right now. So how could the Dollar make a comeback?
Lets Look at the charts.
There is no real resistance level when looking at the daily charts until 1.5500 level. This strong current trend for the Euro could continue to the 1.5500 then after that the next level could be 1.6000 which has another strong resistance level.
I personally am holding a position long term in addition to my short term trading I am holding out until the 1.6000 level and I will determine what I will do when the price gets to that point.
Watch the current lower trend line on the daily charts, the price has been respecting that line since the pair was at 1.2500. This could continue for some time given the current negative sentiment for the Dollar.
Check out some the daily outlook for the Eur/Usd at Forex Crunch as that blog is always a great source of information for this pair.
Winner’s Edge Trading, as seen on: