In today’s trading the Eur/Usd has found a temporary bottom to the advancing decline that was taking place all week. The pair did not bounce sharply but rather held it’s ground as I right this the pair is trading at1.3907. The pair is positive in today’s trading and this could be the start of a minor pullback. The current level of support is 1.3850 and the current level of resistance is 1.3940 and 1.4000.
This pair could be in a short holding period around these levels and the key support level of 1.3850 is what is holding the pair from dropping to lower levels from here. If the 1.3850 gets taken to the downside we could see a drop to 1.3800 or 1.3750 which are the next support target areas. If the resistance point of 1.3940 gets surpassed to there are resistance levels at 1.4000 and 1.4200.
Daily Chart *note click on the chart to learn about our premium trading service.
This pair is in a strong down trend so the best way to trade this if to find the pair attacking resistance levels and then entering in a short trade. Be sure in your trading to not over leverage your account and therefore increase losses. To read the daily forex report for February 1st click here.
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