Hello Traders I hope you are all having a great weekend and a great start to the new year with your trading. So far for the year I have had a good first week. If I can keep doing what I did in the first week for the rest of the year I will have great year. All I have to do is to do what I did and eliminate any big mistakes.
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I am going to take a look at the Eur/Usd because last week the price action with that pair was very good as it was moving down every single day last week. So the first thing to notice is that the Positive U.S. data and negative Euro data created a very bullish market sentiment for the Dollar. That sentiment can change very fast so be ready. The Dollar is not in any position to have a long sustained rally in my opinion because of the U.S. Massive Debt. Read this Article. The Euro is in bad shape as well so this pair could range for the entire year of 2011 without setting any real trend.
However after 5 straight bullish days of profit taking I think we may see a bounce occur in this pair soon. If you look below at the daily chart that I have posted. You can see that 1.2900 is current support and if the price bounces off of that level we could see a short rally. I would watch to see where the pair opens after trading on Sunday and determine if we get a bounce off of the support level or will we continue to make lower lows the next support level that looks like a good target on the daily chart is 1.2650
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