Eur/Usd: Bounced Back Off Lows

The Eur/Usd has bounced off of the lows on and has been up for two days in a row. The pull back stopped at the 23% retracement level and then bounced back down. A 23% retracement is not a strong retracement and we could still see this pair move to the 50% level in the next day or so which is near 1.4100. There will be strong resistance at the 1.4000 level if the pair continues to that level.

The daily chart shows the long downward move that we have had over the past weeks the next support level is 1.3582 and if that breaks to the downside we could see a downward target of 1.3500

Daily Chart *Note Click on the Chart to learn about our premium service.

In today’s trading there was not much news to impact the trading but that is not a normal day in the forex market as there is usually a large amount of news to filter through that can impact your trades with each currency pair.  To stay up with the current news make sure that you read Forex Crunch which has a daily news update for all of the major currency pairs.

To get another analysis of the Eur/Usd read the Geek Knows.

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