This week the Eur/Usd stayed in a tight trading range without breaking out. The range for the week was a high of 1.4380 and a low of 1.4178 So those are the key support and resistance levels that we all need to be watching this week.
This week is a holiday for the U.S. so trading will be light on Monday and you might want to stay on the sidelines because of light volume. I will be taking that day off as well I am going on a picnic with my family.
4HR Chart *Note Click on the chart to learn about our charting software.
I circled the support and resistance points where I drew my lines so you could see how I drew my lines.
I thought with all the news last week that we would see a break out. However the news was mixed and we are still not able to get a clear direction. I follow Jamie Saettele from Fxdaily on Twitter and He is thinking that the Dollar is Bullish as he writes on twitter “still real early in what is a long term usd bull”
I recommend following Jamie on twitter because he gives timely FX Updates of value and no spam.
So we still don’t know which way for sure the pair is heading but that gives us something to watch out for. So watch the support levels if the pair breaks that you will want to enter short.
The target for the pair after a break is 1.4050 so that could be a good long term trade.
Yohay gives the complete Forex Weekly outlook on Forex Crunch which I read to keep me informed of the important fundamental analysis for the upcoming week in each currency pair.
The only currency that broke out of the range this week was the Aud/Usd did make a breakout this week with the Australian Dollar reaching new highs. So maybe the Eur/Usd will follow that same pattern this week. I read one trader comment that he did not think the range would be broken this week because of the slow news week and the holiday but I am not so sure.
I also read a great article by Jay Norris about the difference between a “pro” and “wannabe pro’s” He stated 3 main points mindset, stops and experience. I wanted to share that with you because what you think is what you are. If you think you are a pro trader, you will act like pro trader. Read that article it is short and valuable for traders.
Since there is no new trade setups this week because we are still in the same range, I did not go over the setups in detail. So look back to the previous posts in the category Trade Opportunities on my blog to get an idea of how to trade the Eur/Usd this week.
Thanks for reading have a great holiday and if you have any questions or comments I will be checking hear to add updates.
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