Hello Traders. Happy Valentines Day!
I hope that you all had a great time with your special someone. I personally don’t believe in Valentines Day because I believe I should shower my wife with love and affection every day and not just once a year.
The Eur/Usd has been continuing to reach new lows last week reaching a new low of 1.3531 on Friday. That will be the new support level that we will watch to see if the pair will reach new lows. If the 1.3531 support level gets broken we have additional support at 1.3428. On the resistance side of town we have resistance levels at 1.3705, 1.3838 1.4000 and 1.4115
4Hr Chart * Note Click on the Chart to learn about our daily system.
The way I would trade this pair right now is I would wait until the pair moved up against these resistance points and then I would short on a bounce off of those higher levels.
This could be a profitable strategy this week. However the downward trend could change at any moment and it is important to be aware of that happening. Sometimes a major news announcement is what can change a trend. Keep up with all the major news announcements by reading Forex Crunch.
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