In trading on Friday the Eur/Usd didn’t make it to the previous high of 1.4842 instead it turned at 1.4818 and went south rather quickly. That indicates to me that the Dollar could make a comeback over the next week. There is some important news reports to watch this week. Before trading this week make sure you read the Weekly Forex Outlook at Forex Crunch. This will give you all the important news updates that will impact the currencies during the upcoming week.
The current price is at 1.4708 after falling most of the day Friday. The next support level is 1.4668 and 1.4652 If the price breaks those two levels it will go down to challenge the bottom of the current upward trend line at 1.4600. The next support after that is the strong support at 1.4484.
Watch the support levels and when the trade breaks get in and keep your target at the next level. Make sure to use short stops and use proper money management. The current trend is strong for the Euro so my recommendation is to wait until the current downward move stops and then re-enter long after the price begins to rise again.
If you have any questions or comments please post them here.
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