Friday ended with some bullish price action for the Euro. The previous high was 1.4302 so we should watch that level very closely. We could see some consolidation at this level or the pair could go through the last high off of the momentum on Friday and there could be an upward trend forming.
Either way watch the 1.4302 level because that is the key resistance level to watch on Monday. If the pair goes through the 1.4302 area the target is 1.4386. If the pair pulls back watch the previous support level 1.4153.
Forex TV Blog stated that improved U.S. GDP should have a large impact on market sentiment so that is something to keep in mind while planning your trades this week. Keep watching the news if we see more positive data we could see the Euro make a large move this week.
For this week upcoming data check out Forex Crunch there is a good report that will keep you on top of what is going on.
10 Min Chart –
Winner’s Edge Trading, as seen on: