The eur/usd has had a major correction falling over 100 pips in Monday’s trading session. The price dropped quickly and the fall stopped just as quickly halting at a strong resistance level of 1.4842. This trading area was tested 3 times previously and the price did not break through.
You can see from the 4 hour charts that this trading area represents a strong support area. You can view all of the news this week that will have an impact on the Euro in the Eur/Usd weekly outlook.
This is a correction of a major trend so this could be an excellent buy opportunity. Watch the support levels and look for a bounce off of a major support level than look for a good entry point to go long. If the price breaks through the current support level of 1.4842 the next area is the 1.4767.
This correction could continue on further to the next support level, however it is also important to note that the 1.4842 level is also a Fibonacci .382 support level on the 4 hr chart as well.
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