The Dollar has not slowed down in its climb verses the Euro this week. This weeks trading is moving right at a pace for moving back to the 1.4000 level. The only problem with that is that there has been no retracement on this current down move. Nothing can go straight down forever so we should get a pull back soon. Right now by looking at the 4hr chart we can see a slight pull back has started. The current resistance is at around 1.4400, look for the pair to rebound to that level before continuing the downward descent to 1.4000. This is a holiday rally and could continue until the end of the month.
4hr chart *note click the chart to learn about our premium trading service.
The tables have turned for the Euro and now everyone is jumping ship quickly and moving towards the Dollar. I would expect this trend to slow down soon but the question is when. The major upcoming news events could be a determining factor. With the slower trading coming for the holidays we may see no major moves for the rest of the year. However be on the look out for surprises because there was major move before the holiday this year before thanks giving so we could see some major moves this holiday as well.
To learn about this weeks forecast make sure you read the weekly report from Forex Crunch.
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