The Euro lost strength against the dollar to today and tested the 1.2800 level during today’s New York Trading Session. The positive news that was announced took many traders by surprise as they were expecting the positive news to push the dollar lower because of risk aversion. However, the positive news sent the dollar stronger today.
If the price of the pair drops below support of 1.2800 we have a target of 1.2700. If 1.2800 is tested and fails to drop and moves past the resistance of the target on the upside is 1.3050. Traders should be watching these levels closely to find good entry points in the upcoming London Trading Session.
Tomorrows News Announcements:
The ECB meets and will discuss the interest rate. The Unemployment Claims for the US will be announced at 8:30. Expect the news to have an impact on tomorrow’s trading, so don’t be caught off guard – watch the news then make your trades.
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