The Eur/Usd is in a consolidation range right now. The pair was thought to possible break to the upside when it broke the 1.4450 price resistance barrier but that was short lived as the Euro is unpopular right now and out of favor. Despite negative US data reports the pair has not lost ground on the Euro.
As of right now the current support level to watch is 1.4200 if the pair breaks below that we could see the pair go to 1.3800. Friday was very bearish for the pair as the Dollar gained all day long. We may continue to see Dollar bullishness until the test of the 1.4200 area again.
If you look at the Daily chart below you can see that the pair has test the 1.4200 area and that is a strong support level.
If we zoom in to the 4 hour charts we can see that there is a consolidation period and a trading range happening right now. The last 4 hour candle was green after a series of down candles which indicates that the current down trend may be stall for the time but I would look for a pull back and then another opportunity to enter this pair short.
Good luck trading this week.
Winner’s Edge Trading, as seen on: